On 18 December 1975 Donald Macdonald announced a temporary 10% surtax on taxes above $8,000. The surtax only applied to the 1976 taxation year and was enacted on 24 February 1977.[3][4]
Taxesedit
Personal income taxesedit
The budget announced that taxpayers will be able to transfer their RHOSP savings from one plan to another, for instance to select a plan with a better rate of return.[5]
The maximum deduction for RPPs is increased to $3,500.[6] For RRSPs the limit is increased to $5,500 per year.[7]
Maximum deduction for child care expenses is increased to $1,000 by child (from $500) and capped to $4,000 by family (increased from $2,000).[8]
Referencesedit
^ abc"Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
^"The Leader-Post". news.google.com. 26 May 1976. from the original on 2020-06-25. Retrieved 2020-06-17.
^Pepin, Marcel (19 December 1975). "Ottawa : surtaxe temporaire de 10% sur les revenus imposables qui sont supérieurs à $30,000". La Presse (in French). p. A9. Retrieved 3 September 2021.
An Act to amend the statute law relating to income tax, S.C. 1976-77, c. 4
May 02, 2024
1976, canadian, federal, budget, canadian, federal, budget, fiscal, year, 1976, 1977, presented, minister, finance, donald, stovel, macdonald, house, commons, canada, 1976, 1976, 1976, budget, canadian, federal, governmentpresented25, 1976parliament30thpartyli. The Canadian federal budget for fiscal year 1976 1977 was presented by Minister of Finance Donald Stovel Macdonald in the House of Commons of Canada on 25 May 1976 2 1976 1976 Budget of the Canadian Federal GovernmentPresented25 May 1976Parliament30thPartyLiberalFinance ministerDonald Stovel MacdonaldTotal revenue35 283 billion 1 Total expenditures42 180 billion 1 Deficit 6 897 billion 1 19751977 Contents 1 Background 1 1 December 1975 Ministerial Statement 2 Taxes 2 1 Personal income taxes 3 References 3 1 Official documents 3 1 1 Budget documents 3 1 2 Enacted legislationsBackground editDecember 1975 Ministerial Statement edit On 18 December 1975 Donald Macdonald announced a temporary 10 surtax on taxes above 8 000 The surtax only applied to the 1976 taxation year and was enacted on 24 February 1977 3 4 Taxes editPersonal income taxes edit The budget announced that taxpayers will be able to transfer their RHOSP savings from one plan to another for instance to select a plan with a better rate of return 5 The maximum deduction for RPPs is increased to 3 500 6 For RRSPs the limit is increased to 5 500 per year 7 Maximum deduction for child care expenses is increased to 1 000 by child from 500 and capped to 4 000 by family increased from 2 000 8 References edit a b c Canada s deficits and surpluses 1963 2014 CBC News CBC Radio Canada Retrieved 25 April 2015 The Leader Post news google com 26 May 1976 Archived from the original on 2020 06 25 Retrieved 2020 06 17 S C 1976 77 ch 4 s 65 Pepin Marcel 19 December 1975 Ottawa surtaxe temporaire de 10 sur les revenus imposables qui sont superieurs a 30 000 La Presse in French p A9 Retrieved 3 September 2021 S C 1976 77 ch 4 s 57 S C 1976 77 ch 4 s 1 1 S C 1976 77 ch 4 s 56 4 S C 1976 77 ch 4 s 21 1 Official documents edit Budget documents edit Budget Speech Budget Papers Budget in Brief Enacted legislations edit An Act to amend the statute law relating to income tax S C 1976 77 c 4 Retrieved from https en wikipedia org w index php title 1976 Canadian federal budget amp oldid 1151929536, wikipedia, wiki, book, books, library,
