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59 Tax Memo 1 (1978)

handle is hein.journals/taxmmo59 and id is 1 raw text is: rt es r ry No. 5 March 1978 1978, nadian Tax Foundation $erial This Memo brings together in one pub- lication the activities in the tax field during 1977 of the federal government and the ten provinces. Included are federal and provincial budgets, statutory legislation and regulations to implement budgetary announcements, and, where possible, an explanation of why any budgetary announcements were not proceeded with. Non-budgetary tax developments are also included. For details, commercial and government sources should be consulted. This is the third in the Foundation's. series designed to provide information on annual tax developments in Canada.. FEDERAL Budget: Tax Proposals The federal government brought down its 1977-78 budget on March 31, 1977. The following tax changes were announced. Personal Income Tax 1. Tax Cut Changes Beginning in 1977, the federal tax credit is increased to 9% from 8% to provide equivalent dollar amounts necessitated by the new federal-provincial fiscal arrangements. (This change was already in Bill C-37 to enact the Federal- Provincial Fiscal Arrangements and Established Programs Financing Act.) Applicable to the 1977 and subse- quent taxation years, the credit is en- riched by providing for an additional $50 per dependent child under eighteen resident in Canada, maximum credit after enrichment remaining the same at $500. The maximum $500 tax credit is reached at about $23,650 of taxable income. 100 University Avenue Toronto, Canada M5J 1V6 Additional copies of this Memo may be obtained at a price of $3.00. ISSN 0576-6230 CANADIAN TAX FOUNDATION L'ASSOCIATION CANADIENNE D'ETUDES FISCALES Digitized from Best Copy Available

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