1976 Canadian federal budget
The Canadian federal budget for fiscal year 1976-1977 was presented by Minister of Finance Donald Stovel Macdonald in the House of Commons of Canada on 25 May 1976.[2]
Presented | 25 May 1976 |
---|---|
Parliament | 30th |
Party | Liberal |
Finance minister | Donald Stovel Macdonald |
Total revenue | 35.283 billion [1] |
Total expenditures | 42.180 billion [1] |
Deficit | $6.897 billion[1] |
‹ 1975 1977 › |
Background
Taxes
Personal income taxes
The budget announced that taxpayers will be able to transfer their RHOSP savings from one plan to another, for instance to select a plan with a better rate of return.[5]
The maximum deduction for RPPs is increased to $3,500.[6] For RRSPs the limit is increased to $5,500 per year.[7]
Maximum deduction for child care expenses is increased to $1,000 by child (from $500) and capped to $4,000 by family (increased from $2,000).[8]
References
- "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
- "The Leader-Post". news.google.com. 26 May 1976. Archived from the original on 2020-06-25. Retrieved 2020-06-17.
- S.C. 1976-77, ch. 4, s 65.
- Pepin, Marcel (19 December 1975). "Ottawa : surtaxe temporaire de 10% sur les revenus imposables qui sont supérieurs à $30,000". La Presse (in French). p. A9. Retrieved 3 September 2021.
- S.C. 1976-77, ch. 4, s 57.
- S.C. 1976-77, ch. 4, s 1(1).
- S.C. 1976-77, ch. 4, s 56(4).
- S.C. 1976-77, ch. 4, s 21(1).
Budget documents
Enacted legislations
- An Act to amend the statute law relating to income tax, S.C. 1976-77, c. 4
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