By eliminating several tax credits, Ottawa increased income taxes for many Canadians.
income tax rate
The PC platform would not reduce the sky-high top marginal rate facing highly-skilled workers.
Reversing course and raising the age of eligibility for retirement benefits to 67 from 65 would be politically costly, but it makes eminent sense when one considers the aging of our population.
In 2013, the top 10 per cent of tax-filers earned 35 per cent of Canada’s total income yet paid 54 per cent of federal and provincial income taxes.
When the new federal top tax rate takes effect, Alberta will have one of the highest top rates in North America.
The federal Liberals plan to increase the top federal personal income tax rate.
Earlier this month, Bill Morneau, the former chair of the C.D. Howe Institute, was appointed Canada’s minister of finance.
In an attempt to increase transparency, Prime Minister Justin Trudeau has made “mandate letters” to his ministers publicly available. These letters are intended to clarify the focus of each minister’s portfolio.
The new Trudeau government plans to raise personal income taxes on the top one per cent of Canadian income-earners in order to fund a personal income tax decrease on the middle class.