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About a half million Canadian households are mortgaged to the hilt and could easily get into trouble if they faced a higher interest rate or a personal financial hit, according to a new study by the C.D. Howe Institute.
The “middle-class” tax cut is now official
– moneysense.ca
OTTAWA – The Liberal government’s centrepiece election promise to raise taxes on the biggest income earners while cutting the rate in a lower bracket has passed the House of Commons.
MPs voted 230-95 today in favour of a motion featuring a collection of tax changes that will siphon about $1.2 billion annually from the treasury over the next five years.
Do you really want that raise? »
The Liberals had estimated the combined fiscal impacts of the tax-rate hike and reduction would basically offset each other.
Starting Jan. 1, the income-tax rate will drop to 20.5 per cent, from 22 per cent for taxable earnings between $45,282 and $90,563.
The rate on all income earned beyond $200,000 will rise to 33 per cent, from 29 per cent.
Opponents have said the government’s tax reduction should have been extended to also benefit those who earn less than $45,282.
The post The “middle-class” tax cut is now official appeared first on MoneySense.
MPs voted 230-95 today in favour of a motion featuring a collection of tax changes that will siphon about $1.2 billion annually from the treasury over the next five years.
Do you really want that raise? »
The Liberals had estimated the combined fiscal impacts of the tax-rate hike and reduction would basically offset each other.
Starting Jan. 1, the income-tax rate will drop to 20.5 per cent, from 22 per cent for taxable earnings between $45,282 and $90,563.
The rate on all income earned beyond $200,000 will rise to 33 per cent, from 29 per cent.
Opponents have said the government’s tax reduction should have been extended to also benefit those who earn less than $45,282.
The post The “middle-class” tax cut is now official appeared first on MoneySense.
Alaska governor proposes first income tax in 35 years amid chronically low oil prices
– canadianbusiness.com
JUNEAU, Alaska – Alaska Gov. Bill Walker has proposed instituting a personal income tax for the first time in 35 years as the oil-dependent state looks to plug a multibillion-dollar budget deficit amid chronically low prices.
In laying out his budget plan Wednesday, Walker also proposed using the fund that provides annual checks to most Alaskans to generate a stream of cash to help finance state government. The plan would change how dividends are calculated and mean lower checks, at least initially — 2016 payouts would be about $1,000 less than this year’s.
The governor warned that if the state stays on its current track, drawing down on savings, the dividend is in danger of ending in 2020.
Alaska isn’t alone among oil-producing states to experience hard times as oil prices stay low. But unlike states like Texas or Louisiana, Alaska has few other industries to make up the difference.
Walker’s proposal also includes:
— Increases in alcohol and cigarette taxes…
In laying out his budget plan Wednesday, Walker also proposed using the fund that provides annual checks to most Alaskans to generate a stream of cash to help finance state government. The plan would change how dividends are calculated and mean lower checks, at least initially — 2016 payouts would be about $1,000 less than this year’s.
The governor warned that if the state stays on its current track, drawing down on savings, the dividend is in danger of ending in 2020.
Alaska isn’t alone among oil-producing states to experience hard times as oil prices stay low. But unlike states like Texas or Louisiana, Alaska has few other industries to make up the difference.
Walker’s proposal also includes:
— Increases in alcohol and cigarette taxes…
Ottawa should consider steps to cool mortgage borrowing
– moneysense.ca
OTTAWA – The federal government may want to consider targeted steps to “lean against” the shift toward significantly bigger mortgages, a new report by the C.D. Howe Institute suggests.
But it cautioned against any broad measures such as raising the minimum down payment for all borrowers.
The report said there are several pockets of risk in the housing market, including risk faced by low-income Canadians, younger Canadians and buyers in some of the hottest markets.
“Household mortgage debt has risen dramatically and traditional economy-wide averages understate the degree of financial risk for those that carried mortgages because they typically divide the value of mortgages across the income of households with and without mortgages,” report-co-author Craig Alexander said Wednesday.
Alexander and his co-author, Paul Jacobson, suggested the steps that could be considered included raising required credit scores, capping total debt-service ratios at lower levels, increasing qualifying interest rates or varying the minimum down payment by the size of the mortgage…
But it cautioned against any broad measures such as raising the minimum down payment for all borrowers.
The report said there are several pockets of risk in the housing market, including risk faced by low-income Canadians, younger Canadians and buyers in some of the hottest markets.
“Household mortgage debt has risen dramatically and traditional economy-wide averages understate the degree of financial risk for those that carried mortgages because they typically divide the value of mortgages across the income of households with and without mortgages,” report-co-author Craig Alexander said Wednesday.
Alexander and his co-author, Paul Jacobson, suggested the steps that could be considered included raising required credit scores, capping total debt-service ratios at lower levels, increasing qualifying interest rates or varying the minimum down payment by the size of the mortgage…
A look at taxes proposed by Alaska governor to close $3.5 billion budget gap
– canadianbusiness.com
JUNEAU, Alaska – Alaska faces a budget crisis like no other in the state’s young history. The gap between spending and revenue has soared to roughly $3.5 billion, mostly due to low oil prices, and Gov. Bill Walker is suggesting some dramatic steps to deal with it.
His budget plan, unveiled Wednesday, includes proposals to implement an income tax — something Alaska residents haven’t seen in a generation — and to use money generated by the state’s oil wealth fund.
The state budget is balanced when oil averages $109 a barrel. Alaska crude traded at about $38 a barrel this week.
Here’s a look at Walker’s suite of taxes and other measures aimed at making Alaska solvent. The Legislature will have the final say on whether these are enacted.
OIL CHECK FUND
Alaska years ago began dedicating a portion of the money it received from oil and other royalties and payments to a separate investment account.
The Alaska Permanent Fund grew with investments and is now worth about $52 billion…
His budget plan, unveiled Wednesday, includes proposals to implement an income tax — something Alaska residents haven’t seen in a generation — and to use money generated by the state’s oil wealth fund.
The state budget is balanced when oil averages $109 a barrel. Alaska crude traded at about $38 a barrel this week.
Here’s a look at Walker’s suite of taxes and other measures aimed at making Alaska solvent. The Legislature will have the final say on whether these are enacted.
OIL CHECK FUND
Alaska years ago began dedicating a portion of the money it received from oil and other royalties and payments to a separate investment account.
The Alaska Permanent Fund grew with investments and is now worth about $52 billion…
