Liberals’ Tax Changes Aimed At The Rich Will Hit Some Families Earning Less Than $100K: PBO
According to an analysis of new Canadian tax laws, approximately 900 families with an income of less than $100,000 annually will pay higher taxes because of specific income-sharing rules pertaining to small business owners. One federal watchdog claims that this will cost 900 households about $2,200 per year more in taxes. Ottawa officials insist that this initiative targets wealthy individuals who unfairly use their corporations to reduce their overall tax burden. But Jean-Denis Frechette, Parliamentary Budget Officer, claims up to 33,000 families may pay higher taxes due to this new rule, generating in the neighborhood of $400 million in federal tax revenues.