1976 Canadian federal budget

1976 (1976) Budget of the Canadian Federal GovernmentPresented| 25 May 1976

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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›

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]

## Background

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### December 1975 Ministerial Statement

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On 18 December 1975 Donald Macdonald announced a temporary 10% surtax on taxes above $8,000. The surtax only applied to the 1976 taxation year and was enacted on 24 February 1977.[3][4]

## Taxes

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### Personal income taxes

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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

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1. ^ a b c "Canada's deficits and surpluses, 1963-2014". CBC News. CBC/Radio-Canada. Retrieved 25 April 2015.
2. ^ "The Leader-Post". news.google.com. 26 May 1976. Archived from the original on 2020-06-25. Retrieved 2020-06-17.
3. ^ S.C. 1976-77, ch. 4, s 65.
4. ^ 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.
5. ^ S.C. 1976-77, ch. 4, s 57.
6. ^ S.C. 1976-77, ch. 4, s 1(1).
7. ^ S.C. 1976-77, ch. 4, s 56(4).
8. ^ S.C. 1976-77, ch. 4, s 21(1).

### Official documents

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#### Budget documents

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* Budget Speech
* Budget Papers
* Budget in Brief

#### Enacted legislations

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* An Act to amend the statute law relating to income tax, S.C. 1976-77, c. 4

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