An estimated 1.2 million people aged 18 to 24, living with their parents in households with income of at least $100,000, received the GST credit in 2021.
The estimated total cost of the tax credit in 2021 is $265 million.
The government offset the benefits of the lower tax rate by eliminating tax credits.
Low-income individuals and families facing high METRs would benefit from lower claw-back rates.
The Trudeau government will give nearly $600 million worth of new tax credits and incentives to Canada’s media industry.
More than 80 per cent of middle-class families have experienced an increase in their federal income taxes.
Private-sector investment is slated to fall again this year—the fourth consecutive annual decline.
Nine-in-10 Canadian families with children will pay, on average, $2,218 more per year.
In 1917, the Income Tax Act contained 3,999 words—by 2016, it ballooned to 1,029,042 words.