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55 Tax Memo 1 (1976)

handle is hein.journals/taxmmo55 and id is 1 raw text is: TAX MEMO No. 55 1qNi'ai6 © 1976 Canadian Tax Fate i 1975 JTAX DEVEOPM1ENTS This Memo brin together in one commercial and government sources publication the activit es in the tax field should be consulted. during 1975 of the f deral government a. been providing and the ten provinc . Included are llected form with federal and provincial u legislation and regulations to implement chapter in its annual publication, The budgetary announcements, and where National Finances. In this Memo the possible, an explanation of why any contents are broadened to include pro- vincial activities with a view to making budgetary announcements were not pro- the answers to What happened to the ceeded with. Non-budgetary tax devel- government's announcement that . . . opments are also included. For details, more readily available over a wider area. FEDERAL Budget: Tax Proposals The federal government brought down a Budget on June 23, 1975, the second for the 1975-76 fiscal year, the first being the Budget of November 18, 1974. The followiny tax changes were announced in June. Personal Income Tax 1. Tax Cut Changes Effective January 1, 1975, the maxi- mum personal income tax cut is reduced to $500 from $750. This $500 maxi- mum tax cut is reached at $22,973 of taxable income. The change does not affect the provincial tax base. 2. Tax Credit for Contributions to Political Parties The provisions respecting the credit for contributions to registered political parties and candidates are rewritten to make it clear that deductible contribu- tions must be in cash or by cheque (and not the money value of donated time) Additional copies of thia Memo may be obtained at a price of $3.00. CANADIAN TAX FOUNDATION L'ASSOCIATION CANADIENNE D'ETUDES FISCALES Digitized from Best Copy Available