New changes to tax legislation could result in a tax cut for thousands of Canadians.
Announced in Budget 2023, the government aims to make changes to the Alternative Minimum Tax.
If passed, that change would see an increased AMT rate from 15% to 20.5% which results in $3 billion in revenues over 5 years.
That rate increase would also come with an expemtion change.
Income level necessary to pay the AMT currently sits at $40,000, but would increase to $173,000 expempting more people from having to pay the alternate tax.
A one time grocery rebate will also be included in the GST credit through $2.5 billion in inflation relief.
Which will see couples with 2 children will see an extra $467, single people with no children up to $234, and seniors will get up to $225 on average from the CRA as soon as the legislation is passed.
