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Results: 1 - 8 of 8
View Dane Lloyd Profile
CPC (AB)
Okay.
Another question is related to my colleague Mr. McCauley, who'd sent in a request for an analysis. I believe Étienne Bergeron did an analysis related to the proposal to remove minimum withdrawals for registered retirement income funds. What I found most interesting was what the analysis was lacking. Maybe it just wasn't in the purview, but I'm aware that if there were to be a change in that manner, it would lead to changes in OAS, because people could qualify for more OAS.
You're talking about the cost of the program, and it's significant, but there was no analysis on what the potential gains could be from people having a large amount of money in their savings when they die, or later on in life it being taxed at a higher marginal income tax rate. Did you do any analysis on the possible trade-off of giving seniors more flexibility over a longer period, possibly leading to the government getting more tax revenue later on in life?
Yves Giroux
View Yves Giroux Profile
Yves Giroux
2020-12-02 17:08
We limited our analysis to the first five years. If we were to provide a much longer-term analysis over time, we would find that the cost in the initial few years would probably be progressively reduced, and maybe even recouped, for exactly that reason. As people don't withdraw the current minimum, they leave bigger inheritances. At one point, somebody has to pay that tax. The government recoups the tax that doesn't get paid in the first few years of the program being implemented.
View Dane Lloyd Profile
CPC (AB)
As we saw recently in the fiscal update, the government is working to move to apply sales taxes to companies—for example, Netflix, Amazon, Airbnb and other Internet giants. It could be even more, according to your estimate. The government estimated $3.1 billion, but you estimated $4.3 billion. Why was your number significantly higher?
Yves Giroux
View Yves Giroux Profile
Yves Giroux
2020-12-02 17:10
It probably depends on the different parameters of the different assumptions. I'd have to look closely at the details of what the government is proposing versus the details of what we estimated.
View Kelly McCauley Profile
CPC (AB)
I'm going to move on, please.
Has Finance done any forecasting models with new revenue sources, such as higher personal, higher income or corporate taxes and changes to the GST?
Alison McDermott
View Alison McDermott Profile
Alison McDermott
2020-05-04 15:07
I'm sorry. Are you asking if we're contemplating increases in these taxes at this point?
View Kelly McCauley Profile
CPC (AB)
Have you done forecasting models?
Alison McDermott
View Alison McDermott Profile
Alison McDermott
2020-05-04 15:08
Well, generally over the year we do this kind of analysis, but nothing of late. Nothing of that nature is being contemplated.
Mr. Kelly McCauley: Thanks very much.
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