The federal government is moving to raise the minimum tax rate paid by wealthy Canadians in the budget and narrowing its focus on the highest earners.
The federal government is moving to raise the minimum tax rate paid by wealthy Canadians in the budget and narrowing its focus on the highest earners.
The government announced in the budget that it is increasing the alternative minimum rate to 20.5 per cent from 15 per cent starting in 2024. Bruce Ball, vice-president for tax at CPA Canada, said there is a broader range of things that will go into the alternative minimum tax calculation, but the good news for most taxpayers is that the threshold will be much higher.
"They're only allowing 50 per cent of a fairly large range of deductions and expenses, and 50 per cent of a lot of non refundable personal tax credits," he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal budget 2022: Highest-earning Canadians face minimum tax rate increaseOTTAWA — The federal government is moving to raise the minimum tax rate paid by wealthy Canadians in the budget and narrowing its focus on the highest earners.
Read more »
Charles and Camilla's two-day 2022 visit cost Canadians $2 millionAhead of the actual tour, dress rehearsals and site visits racked up almost $200,000 in airfare, hotel and expenses
Read more »
More than half of Canadians infected with COVID-19 by summer 2022, finds StatCanThe findings come as researchers look to uncover the origin of the pandemic and catch potentially serious mutations in immuno-compromised people and wild animals.
Read more »
Federal budget to include grocery rebate for lower income Canadians: sourcesThe 2023 federal budget includes a 'grocery rebate' that will be offered to Canadians with lower incomes who may be struggling with the rising cost of food, CTV News has confirmed.
Read more »
Federal budget to include grocery rebate for lower-income CanadiansThe 2023 federal budget will include a one-time 'grocery rebate' for lower-income Canadians, CTV News has confirmed.
Read more »
Federal government eases some restrictions on non-Canadians purchasing property | CBC NewsThe government is walking back some restrictions on foreigners purchasing residential property just months after the new rules came into force.
Read more »