OTTAWA — The federal government is moving to raise the minimum tax rate paid by wealthy Canadians in the budget and narrowing its focus on the highest earners.
The government announced in the budget that it is increasing the alternative minimum rate to 20.5 per cent from 15 per cent starting in 2024.
However, the higher rate and revamping of the allowable deductions and credits mean Ottawa expects to take in an additional $150 million in 2023-24 and an additional $625 million in 2024-25.Article content “If you’re higher income you may end up paying more; if you’re lower income you may not be subject to AMT.”
While the richest Canadians face the possibility of higher taxes, the budget also includes a one-time payment for those who receive the goods and services tax credit to help offset the rising cost of living. Student budgets will also see a boost from the budget as the government increases the Canada Student Grants compared with pre-pandemic levels and raises the interest-free Canada Student Loan limit.
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