1976 Canadian federal budget
| Presented | 25 May 1976 |
|---|---|
| Parliament | 30th |
| Party | Liberal |
| Finance minister | Donald Stovel Macdonald |
| Total revenue | 35.283 billion [1] |
| Total expenditures | 42.180 billion [1] |
| Deficit | $6.897 billion[1] |
|
‹ 1975 1977› | |
The Canadian federal budget for fiscal year 1976–77 was presented by Minister of Finance Donald Stovel Macdonald in the House of Commons of Canada on 25 May 1976.[2]
Background
[edit]December 1975 Ministerial Statement
[edit]On 18 December 1975 Donald Macdonald announced a temporary 10% surtax on taxes above $8,000. The surtax only applied to the 1976 taxation year and was enacted on 24 February 1977.[3][4]
Taxes
[edit]Personal income taxes
[edit]The budget announced that taxpayers will be able to transfer their RHOSP savings from one plan to another, for instance to select a plan with a better rate of return.[5]
The maximum deduction for RPPs is increased to $3,500.[6] For RRSPs the limit is increased to $5,500 per year.[7]
Maximum deduction for child care expenses is increased to $1,000 by child (from $500) and capped to $4,000 by family (increased from $2,000).[8]
References
[edit]- ^ a b c "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
[edit]Budget documents
[edit]Enacted legislations
[edit]- An Act to amend the statute law relating to income tax, S.C. 1976-77, c. 4