The measure is expected to cost the public coffers over $7.3 billion over the next five years.Abated natural gas-fired electricity generationInterprovincial transmission systemsA large source of new government revenues — $11.6 billion in total — is a series of new tax measures mostly targeting high-income Canadians, stock buybacks and dividend payments.
The government expects to rake in an additional $3 billion in tax revenue over five years. The budget says over 99 per cent of AMT revenue would come from Canadians earning over $300,000 per year.Much like previous budgets, the 2023 document includes a host of one-time payments to low-income Canadians.
Starting in 2023-2024, the budget commits to “refocusing government spending” by reducing money spent on consulting, professional services and travel for all federal departments, agencies and crown corporations by 15 per cent. Budget 2023 commits an additional $7 billion — increasing the total program bill to $13 billion — over the next five years to expand coverage to uninsured Canadians with annual household incomes under $90,000 as of 2025. Until now, the new program was only available to children under 12 years old.The bad news for booze aficionados: the federal alcohol excise tax is still going up on April 1.
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