Ontario finance minister Charles Sousa has tabled a budget that features a slew of tax measures that could impact your clients.
Read: IRS budget cut by $1.2B
An EY Tax Alert highlights two proposed changes to personal income tax rules that would apply to the 2014 and later taxation years. “First, the income threshold for the highest tax rate (currently 13.16%) is reduced from $514,090 to $220,000. Second, a new tax rate of 12.16% will apply to taxable income between $150,000 and $220,000.”
The alert also explains how the government plans to target “aggressive tax planning.”
Read more here.