National

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

Darpan News Desk The Canadian Press, 07 Sep, 2023 10:57 AM

The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years.

The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.

The Liberal government proposed in the 2023 budget changes to the alternative minimum tax so that the highest income earners pay the greatest share of the revenue generated from the tax.

The changes, which come into effect in January 2024, would increase the minimum tax from 15 per cent to 20.5 per cent.

At the same time, it would increase the amount that is excluded from the calculation from $40,000 to $173,000.

While the budget watchdog finds the changes will lead to the highest-income earners paying the largest share, it does not find that to be the case with trusts.

Prev Next

MORE National ARTICLES

Delta woman charged with fraud

31-year-old Tarndeep Uppal, of North Delta, has been charged with one count of theft of credit card and identity information. Fourteen counts of fraud under $5000. Uppal has been released with conditions not to possess credit cards, identification or data in any other name but her own.

Delta woman charged with fraud

B.C. officials warn of lightning-caused wildfires expected this week

Cliff Chapman, operations director for the BC Wildfire Service, said the lightning that's expected to be "widespread" across the province is more likely to hit higher, mountainous terrain, but strikes are also possible in or around communities.

B.C. officials warn of lightning-caused wildfires expected this week

Provincial climate action tax credit being distributed

The finance ministry says payments are set to arrive in the bank accounts of more than two million people after the province increased credit payments to help offset inflation.

Provincial climate action tax credit being distributed

City councillor in Merritt, B.C., struck and killed in apparent hit-and-run: mayor

The mayor of Merritt, B.C., says a city councillor has been killed in an apparent hit-and-run crash outside another community. Mayor Michael Goetz says he understands Coun. Claire Newman had been on her way to meet her husband ahead of a planned trip to Alaska to visit an ailing friend.

City councillor in Merritt, B.C., struck and killed in apparent hit-and-run: mayor

RCMP officer says he forgot to record B.C. murder suspect's arrest after car crash

The police officer who arrested a man accused of murdering a 13-year-old girl found dead in a Burnaby, B.C., park six years ago says no recording of the arrest exists because he forgot to switch on his recorder when a police car crashed into another vehicle at the scene.

RCMP officer says he forgot to record B.C. murder suspect's arrest after car crash

Police warning of scammers posing as Calgary officers to steal thousands of dollars

Calgary police say people can verify an officer’s identity by requesting to see a badge, as well as a badge number and a photo ID card. People can also call the police non-emergency number to verify an officer’s identity.