Canadian Cost Estimate on Three New Federal Personal Income Tax Brackets for High-Income Taxpayers

The Office of Canada's Parliamentary Budget Officer has issued a cost estimate on Motion M-24, which proposes three new federal personal income tax brackets for high-income taxpayers. This includes a 34% rate (CAD 500,000 to 750,000), a 35% rate (CAD 750,000 to 1 million), and a top rate of 36% (over CAD 1 million). The cost estimate summary is as follows:

---

Summary

Motion M-24 proposes the introduction of three new federal personal income tax (PIT) brackets for high-income tax filers.…