Close loopholes by eliminating bearer shares, forcing companies to prove economic reasons for offshore transactions and improving transparency on taxes paid by large corporations, which will bring in $12.2 billion over five years.Roll back the three-point cut to corporate income tax enacted by the Harper government, to bring it back to the 2010 level of 18 per cent, while keeping the small business tax rate at its current level, which will bring in $25.9 billion over five years.Enact a one per cent wealth tax on people with more than $10 million in wealth, which will bring in $60 billion over five years.Enact a luxury goods tax on items like yachts and private jets.Boost the top marginal tax rate by two points to 35 per cent for those making over $210,000 a year, which will bring in $3.4 billion over five years.Increase the capital gains inclusion rate to 75 per cent, which will bring in $44.7 billion over five years.Introduce a temporary COVID-19 excess profit tax of 15 per cent tax on large corporate windfalls earned during the pandemic, which will bring in $14.6 billion in 2021-22.Invest $100 million in the Canada Revenue Agency so it can enforce tax rules, especially against tax evasion.Create a minimum tax rule so that those in the top tax bracket pay at least 15 per cent income tax.Tax the sale of homes to non-residents, which will bring in $2.4 billion over five years (See Housing) ( source, PBO analysis).Tax relief for facilities that buy high-cost emissions reduction technology (See Climate Change and Environment).Implement a new carbon pricing scheme (See Climate Change and Environment).Introduce a tax credit for Carbon Capture, Utilization and Storage technology (See Climate Change and Environment).Cut the income tax rate in half for new patented technologies developed in Canada.Introduce flow-through shares (a tax-based financing incentive) to make investment in small tech start-ups more attractive.Work towards a single income tax return for Quebec.Increase the disability supplement from $744 to $1,500.Exempt Canadian start-ups that have at least ⅔ of their employees in Canada from the plan to tax stock options.Let businesses with less than $60,000 in revenues use simple cash accounting.Up the disbursement quota for charitable foundations to 7.5 per cent a year.Introduce a five per cent tax credit for capital investments made in 2022-2023, for $13.8 billion for small businesses the first $25,000 is refundable.Review the tax system and change penalties so first-time errors receive minor fines.
#Political party quiz 2020 upgrade
#Political party quiz 2020 update
Update the assessments for the Disability Tax Credit, so that an estimated 45,000 additional people will qualify.Change the Climate Action Incentive payment from an annual refundable credit to a quarterly payment.Investment tax credit for capital in carbon capture projects with a goal of reducing emissions by at least 15 megatonnes of carbon dioxide annually.
Reduce the tax rates of zero-emission technology firms by 50 per cent (See Environment).Increase the income level at which the Canada Workers Benefit starts to be reduced to $22,944 for individuals, and $26,177 for families.Create a luxury tax on new cars and private aircraft (worth at least $100,000, excluding motorcycles, racing cars, motor homes, farm vehicles etc.) and pleasure boats (at least $250,000).Tax vacant properties of non-residents (See Housing).Create a Canada Recovery Dividend for the largest financial firms, which have “recovered faster and stronger than many other industries,” at $5.5 billion over five years.Make the financial institutions with earnings of more than $1 billion pay more by increasing their income tax rates from 15 to 18 per cent.
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