Thoughts on BC Politics and More

New tax measures, and changes to existing ones, will begin affecting Canadians in 2024. But tax experts say the effects on most individuals are likely to be minor, unless they're high-income earners. GST/HST exemptions, the elimination of deductions for some short term rentals, new alternative minimum tax rates and changes to Canada Pension Plan (CPP) contributions are among the new measures coming in 2024 ... CLICK HERE for the full story

T he federal government’s recent tax increase on t op earn ers will not raise the level of revenues expect ed and will eventually reduce government revenue , finds a study released today by the Fraser Institute, an independent, non - partisan Canadian public policy think - tank. “ When governments raise tax rat es with an eye on more revenue, taxpayers respond by working or investing less, or legally shifting income or expenses to reduce their taxes, which results in less additional revenue than governments expect ,” said Finn Poschmann, resident scholar at the Fraser Institut e. In Revenue Effects of Tax Rate Increases on High - income Earners , Ergete Ferede, study author and a ssociate p rofessor of e conomics at Mac Ewa n University in Edmonton, spotlights the federal government’s to p personal income tax rate increase (from 29 per cent to 33 per cent), which took effect in 2016. He accounts for the fact that when income tax rates change,...