FEDERAL BILL

Bill C-2, An Act To Amend The Income Tax Act

FEDERAL BILL - AMENDS ONE STATUTE

Royal Assent
December 16, 2016


RECOMMENDATION His Excellency the Governor General recommends to the House of Commons the appropriation of public revenue under the circumstances, in the manner and for the purposes set out in a measure entitled “An Act to amend the Income Tax Act”. SUMMARY This enactment amends the Income Tax Act to reduce the second personal income tax rate from 22% to 20.‍5% and to int... (Click for more)


Published on December 16, 2016

Bill Summary

Bill C-2, An Act To Amend The Income Tax Act

RECOMMENDATION

His Excellency the Governor General recommends to the House of Commons the appropriation of public revenue under the circumstances, in the manner and for the purposes set out in a measure entitled “An Act to amend the Income Tax Act”.






SUMMARY






This enactment amends the Income Tax Act to reduce the second personal income tax rate from 22% to 20.‍5% and to introduce a new personal marginal tax rate of 33% for taxable income in excess of $200,000. It also amends other provisions of that Act to reflect the new 33% rate. In addition, it amends that Act to reduce the annual contribution limit for tax-free savings accounts from $10,000 to its previous level with indexation ($5,500 for 2016) starting January 1, 2016.

This Bill Amends The Following Statutes

  1. Income Tax Act R.S.C., 1985, c. 1 (5th Supp.)

Sign up for alerts on this Bill

Receive emails tracking this Bill's progress.

See all your alerts in a dashboard.

Set an alert with one click and you're done!