Federal budget even
hits the fittie guy

THE LATEST federal budget is going to hit every Cana-
dian taxpayer squarely in the pocketbook with higher fed-

eral taxes.

But it also includes a little some-
thing for the little guy.

The Feb. 26 budeet includes a
new three per cent federai surtax.
This extra tax is being levied to
lower the federal deficit - the dif-
ference between what the gov-
ernment collects, and what it
spends.

Even with the new surtax, the
federal deficit is projected to stand
at $29.8 billion by the end of the
1986/87 fiscal year. The national
debt currently hovers around $200
billion - or $7,900 for every man,
woman and child in Canada.

The new federal surtax will
become effective on July 1 of this
year. This means that, for 1986,
the surtax will effectively be halved
to 1.5 per cent. The fuil three per
cent kicks in for the 1987 tax year.

If you’re a single person earning
$20,000 the new surtax will cost
you an extra $38 in taxes in 1986
and an extra $74 in 1987. If you’re
single and earn $40,000, it will cost
you $108 in 1986 and $213-in 1987.

If you’re married with a depen-
dent spouse and two dependent
children, and you earn $40,000,
the surtax will cost you $89 in 1986
and $177 in 1987.

During the 1986 tax year, both

the new surtax and the May, 1985
budget’s surtax of five per cent on
those who cwe between $6,000 and
$15,000 in federal tax, and of 10
per cent on those who owe more
than $15,000 in federal tax will be
in place.
"While the budget hits the average
wage earner hardest, it does in-
clude some perks for the low-
income earner.

The budget has suggested some-
thing called the federal sales tax
credit, available in full to those
earning less than $15,000 in 1986.

This tax credit will total $50 per
adult and $25 per child. So if you
had a depen: ent’ spouse and two
children, and earned less than
$15,000, you could get $150 back
from the government at income tax
time in 1987.

The federal sales tax credit
would work like the child tax cred-
it. You would get a refund cheque,
even if you didn’t pay any income
tax or had no income.

Those earning between $15,000
and $18,000 wil! get a portion of
this tax credit.

The new tax credit is estimated
to benefit about four million Ca-
nadians.

The budget also proposes early
payments of the child tax credit.
Starting this year, if you had a
family income of less than $15,000
in 1985, you will be eligible to
receive $300 per child from the
child tax credit in November. The
rest of the child tax credit will be
paid at tax time, when you file

your return.

The idea behind the advance
payment is to help Jow income
families to avoid having to use tax
discounters, who can charge a 15
per cent commission on the first
$300 of your refund and five per
cent on the rest.

About one million Canadian
families are expected to receive
pre-payments of the child tax cred-
it.

A COMPLETE
BUILT-IN VACUUM
SYSTEM IMPOSSIBLY
PRICED FROM

$39900

(nstaltations not inctuded)

The budget also plugged a loop-
hole that is sure to put the chill on
December marriages.

in the past, when claiming the
married exemption for the first
year of your marriage, only the
money your spouse carned after
the wedding date counted toward
spousal net income. So you could
have married a high income earner
late in December, and still have
claimed him or her as a dependent
spouse.

Now, a new spouse's income for
the entire year must be included,
regardless of the wedding date.

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