Description: During the recent federal election campaign, the Liberal party promised to increase the basic personal deduction on our income taxes, saying it would lift thousands of Canadians out of poverty. But, of course, somebody has to pay. And now the Parliamentary Budget Office is saying these deductions will cost the federal government $21 billion over the first five years.
Date: January 28, 2020; updated January 29
1) Do you think this change in the basic deduction will help you?
2) If you were advising the Minister of Finance, what would you recommend he do to fill this $21 billion gap?
3) In Wiley’s Advanced Accounting you can find a chapter dealing with public sector financial statements. What percentage of your own province’s revenue comes from personal income tax?