dave@lsuc.uucp (David Sherman) (01/04/88)
For those interested in such inconsequential things as income tax...
The proposals of the February 1987 budget, along with several
complex changes to the Income Tax Act announced by press release
during 1986-87, were enatced and came into effect in late December
1987.
The proposals of the June 18, 1987 Tax Reform white paper have been
released, with some modifications, in the form of a Notice of Ways
and Means Motion tabled in Parliament on December 16, 1987. Draft
legislation is expected to follow within a few months, following
which there will be a period for comments by the tax community and,
eventually, legislation tabled in Parliament. Unless there's a
spring election, it's pretty certain the proposed changes will be
enacted. If there's a change in government before the summer, it's
anyone's guess what will happen.
The only change from the Tax Reform proposals which will affect
many individuals is an increase in the Child Tax Credit for
low-income families, and an increase from $65 to $130 in the
credit (for all taxpayers) for the third and subsequent dependent
child.
Incidentally, tax reform doesn't mean simplification. The Income
Tax Act continues to get bigger and more impenetrable.
David Sherman
The Law Society of Upper Canada
Toronto
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Pronounce it ell-ess-you-see, please...