 | |
| Presented | 26 February 1991 |
|---|---|
| Parliament | 34th |
| Party | Progressive Conservative |
| Finance minister | Michael Wilson |
| Total revenue | 126.086 billion [1] |
| Total expenditures | 158.405 billion [1] |
| Deficit | $32.319 billion [1] |
‹ 1990 1992 › | |
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. [2]
The budget did not bring sweeping tax changes after the consequential 1987 Income tax reform and the introduction of the GST on January 1, 1991.
Minor changes focused on improving tax incentives to disabled individuals and included: [3]
The budget announced a restriction to the deductibility of provincial payroll and capital taxes. [9] Indeed these taxes – unlike provincial corporate income taxes − were considered fully deductible expenses for federal income tax purposes. Several provinces (for instance Ontario) raised their payroll taxes in the early 1990s to raise additional revenues. This while minimizing impact on businesses that could partially offset the increase by claiming a federal tax deduction. These deductions were costing the federal government about $700 million per year. [10]
The budget laid out the following provisions: [11]
The $10,000 limit would preserve deductibility for 80% of businesses (those with a payroll less than $750,000 a year) and the 6% tax allowance would ensure Ottawa would not collect additional taxes for the 20% remaining businesses if the payroll and capital taxes rate remain at their budget date level. [10]
Applicating legislation was indefinitely delayed and the measure has never been in effect for capital taxes. [13]
Effective February 27, 1991: [14]
The budget announces that the Expenditure Control Plan unveiled in the previous budget is extended: [15]
Provisions pertaining to federal transfers to provinces (EPF and PUITTA) and Unemployment Insurance were contained in the Budget Implementation Act, 1991 which received royal assent on 17 December 1991. [17]
Additional expenditure control measures are included in the Bill C-56 (named the Spending Control Act) which was read a third time and adopted by the House of Commons on 27 April 1992 in a 137–84 vote (with 12 paired votes) and received royal assent on 18 June 1992. [18] [19] [20]
A flat tax is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base. It is not necessarily a fully proportional tax. Implementations are often progressive due to exemptions, or regressive in case of a maximum taxable amount. There are various tax systems that are labeled "flat tax" even though they are significantly different. The defining characteristic is the existence of only one tax rate other than zero, as opposed to multiple non-zero rates that vary depending on the amount subject to taxation.
Tax deduction is a simplified word for meaning income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax.
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is unaffected by this distinction, and falls largely or entirely on workers in the form of lower wages. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital, such as higher education.
Taxation in Canada is a prerogative shared between the federal government and the various provincial and territorial legislatures.
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 schedular system of taxation is the system of how the charge to United Kingdom corporation tax is applied. It also applied to United Kingdom income tax before legislation was rewritten by the Tax Law Rewrite Project. Similar systems apply in other jurisdictions that are or were closely related to the United Kingdom, such as Ireland and Jersey.
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.
In Hong Kong, profits tax is an income tax chargeable to business carried on in Hong Kong. Applying the territorial taxation concept, only profits sourced in Hong Kong are taxable in general. Capital gains are not taxable in Hong Kong, although it is always arguable whether an income is capital in nature.
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.
Taxation in Norway is levied by the central government, the county municipality and the municipality. In 2012 the total tax revenue was 42.2% of the gross domestic product (GDP). Many direct and indirect taxes exist. The most important taxes – in terms of revenue – are VAT, income tax in the petroleum sector, employers' social security contributions and tax on "ordinary income" for persons. Most direct taxes are collected by the Norwegian Tax Administration and most indirect taxes are collected by the Norwegian Customs and Excise Authorities.
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.
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