Close X
Friday, November 8, 2024
ADVT 
National

Liberals' Key Election Vow To Change Income Tax Rates Passes Through House

Darpan News Desk, 09 Dec, 2015 01:04 PM
    OTTAWA — The Liberal government's centrepiece election promise to raise taxes on the biggest income earners while cutting the rate in a lower bracket has passed the House of Commons.
     
     
    MPs voted 230-95 today in favour of a motion featuring a collection of tax changes that will siphon about $1.2 billion annually from the treasury over the next five years.
     
    The Liberals had estimated the combined fiscal impacts of the tax-rate hike and reduction would basically offset each other.
     
    Starting Jan. 1, the income-tax rate will drop to 20.5 per cent, from 22 per cent for taxable earnings between $45,282 and $90,563.
     
    The rate on all income earned beyond $200,000 will rise to 33 per cent, from 29 per cent.
     
    Opponents have said the government's tax reduction should have been extended to also benefit those who earn less than $45,282.

    MORE National ARTICLES

    Four Mounties Suspended In New Brunswick Over Discreditable Conduct Allegations

    Four Mounties Suspended In New Brunswick Over Discreditable Conduct Allegations
    The Mounties say they are acting on information that resulted in three suspensions in early November.

    Four Mounties Suspended In New Brunswick Over Discreditable Conduct Allegations

    Police In Grenada Search For New Brunswick Woman Who Disappeared While Jogging

    Police In Grenada Search For New Brunswick Woman Who Disappeared While Jogging
    ST. GEORGE'S, Grenada — Police in Grenada are searching the small Caribbean island for a missing woman from New Brunswick who disappeared while out jogging with her dog.

    Police In Grenada Search For New Brunswick Woman Who Disappeared While Jogging

    High-Income Earners Urged To Make Changes Now To Avoid Income Tax Increase

    High-Income Earners Urged To Make Changes Now To Avoid Income Tax Increase
    Tax experts say if you are lucky enough to find yourself in Ottawa's new top bracket — those earning $200,000 or more — you shouldn't defer any income that you can take this year because you'll pay more if you do.

    High-Income Earners Urged To Make Changes Now To Avoid Income Tax Increase

    Ontario Spends $20 Million To Build Electric Vehicle Charging Stations

    Ontario Spends $20 Million To Build Electric Vehicle Charging Stations
    PARIS — Ontario's Liberal government will spend $20 million to create more public charging stations for electric vehicles.

    Ontario Spends $20 Million To Build Electric Vehicle Charging Stations

    Money On The Line: Winner Of Grey Cup 50/50 Prize Pot Yet To Come Forward

    Money On The Line: Winner Of Grey Cup 50/50 Prize Pot Yet To Come Forward
    WINNIPEG — It’s been more than a week since the Edmonton Eskimos won the Grey Cup, but there's another prize that's still up for grabs.

    Money On The Line: Winner Of Grey Cup 50/50 Prize Pot Yet To Come Forward

    Fentanyl Continues To Claim B.C. Lives Despite Education: Police

    Fentanyl Continues To Claim B.C. Lives Despite Education: Police
    Police in Delta, B.C, issued a warning over the weekend after two people used cocaine and inadvertently overdosed on fentanyl. 

    Fentanyl Continues To Claim B.C. Lives Despite Education: Police