1976 Canadian federal budget

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.

December 1975 Ministerial Statement
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.

Personal income taxes
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.

The maximum deduction for RPPs is increased to $3,500. For RRSPs the limit is increased to $5,500 per year.

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).

Budget documents

 * Budget Speech
 * Budget Papers
 * Budget in Brief