Related Research Articles
A registered retirement savings plan (RRSP), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts. They were introduced in 1957 to promote savings for retirement by employees and self-employed people.
The Canadian federal budget of 2004 was a budget for the Government of Canada. It was read in the House of Commons of Canada on March 23, 2004 by Finance Minister Ralph Goodale of the governing Liberal Party. It was prepared by Goodale with significant input from Prime Minister Paul Martin, who had previously served as Minister of Finance in the government of Jean Chrétien.
Tax brackets are the divisions at which tax rates change in a progressive tax system. Essentially, tax brackets are the cutoff values for taxable income—income past a certain point is taxed at a higher rate.
The 2005 Canadian federal budget was the budget of the Government of Canada for the 2005–2006 fiscal year. It was presented on February 23, 2005, by Finance Minister Ralph Goodale. It was the first Canadian federal budget presented by a minority government since the budget of the Joe Clark Progressive Conservative government in 1979, which was defeated by the opposition parties.
The Canada Child Benefit (CCB), previously the Canada Child Tax Benefit (CCTB), is an income-tested income support program for Canadian families. It is delivered as a tax-free monthly payment available to eligible Canadian families to help with the cost of raising children. The CCTB could incorporate the National Child Benefit (NCB), a monthly benefit for low-income families with children, and the Child Disability Benefit (CDB), a monthly benefit for families caring for children with severe and prolonged mental or physical disabilities.
The United States Revenue Act of 1942, Pub. L. 753, Ch. 619, 56 Stat. 798, increased individual income tax rates, increased corporate tax rates, and reduced the personal exemption amount from $1,500 to $1,200. The exemption amount for each dependent was reduced from $400 to $350.
The Canadian federal budget for the fiscal year 2006–2007, was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on May 2, 2006. Among the most notable elements of the federal budget were its reduction of the Goods and Services Tax by one percentage point, income tax cuts for middle-income earners, and $1,200-per-child childcare payment for Canadian parents.
The Canadian federal budget for the 2007–2008 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty. Flaherty presented the 2007 budget on March 19, 2007. No income tax or GST cuts were announced but there were tax credits for some families with children under 18. The federal budget included $14 billion in new spending and $5.7 billion in tax cuts. This was the second budget of the 39th Canadian Parliament.
A tax-free savings account is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn. Contributions to a TFSA are not deductible for income tax purposes, unlike contributions to a registered retirement savings plan (RRSP).
The Canadian federal budget for the 2009-2010 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on January 27, 2009. The federal budget included $20 billion in personal income tax cuts as well as major investments in infrastructure.
The Established Programs Financing (EPF) was a financing program created by the Trudeau government in 1977, to finance the provincially-run healthcare and high-education system, through transfer payments, by cash and tax points.
The 1993 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 26 April 1993. It was the fifth budget after the 1988 Canadian federal election and would be the last before the 1993 Canadian federal election.
The Canadian federal budget for fiscal year 2015–2016 was presented to the House of Commons of Canada by Joe Oliver on 21 April 2015. This was the last budget before the 2015 federal election. The budget was supposed to be presented in February or March before the fiscal year began on April 1, but was delayed because of the steep drop in oil prices in the winter of 2014–15. A surplus of $1.4 billion was projected for the fiscal year 2015-2016, however this was adjusted by the new government to a deficit of $1.0 billion by end of March 2016. This was later adjusted to $2.9 billion after reflecting a change requested by the Auditor General dating back 10 years' worth of federal budgets, specifically with regards to the discount rate methodology used to determine the present value of the Government's unfunded pension obligations.
The Canadian federal budget for fiscal year 1989–1990 was presented to the House of Commons of Canada by finance minister Michael Wilson on 27 April 1989. It was the first budget after the 1988 Canadian federal election.
The Canadian federal budget for fiscal year 1990–1991 was presented to the House of Commons of Canada by finance minister Michael Wilson on 20 February 1990. It was the second budget after the 1988 Canadian federal election.
The Canadian federal budget for fiscal year 1988–1989 was presented to the House of Commons of Canada by finance minister Michael Wilson on 10 February 1988. It was the fourth budget after the 1984 Canadian federal election and would be the last before the 1988 Canadian federal election.
The 1992 Canadian budget was a Canadian federal budget for the Government of Canada presented by Minister of Finance Don Mazankowski in the House of Commons of Canada on 25 February 1992. It was the fourth budget after the 1988 Canadian federal election. It is the first budget presented by Don Mazankowski.
The Canadian federal budget for fiscal year 1997-1998 was presented by Minister of Finance Paul Martin in the House of Commons of Canada on 18 February 1997. It is the last budget of the 35th Canadian Parliament and the last budget before the 1997 Canadian federal election. The budget's unofficial subtitle is Building the Future for Canadians.
The Canadian federal budget for fiscal year 1991-1992 was presented by Minister of Finance Michael Wilson in the House of Commons of Canada on 26 February 1991.
A Registered Home Ownership Savings Plan (RHOSP) was a federal tax-deferred savings plan intended to encourage home ownership in Canada.
References
- 1 2 3 "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 supérieurs à $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
Budget documents
Enacted legislations
- An Act to amend the statute law relating to income tax , S.C. 1976-77, c. 4