1976 Canadian federal budget

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]

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]

• Budget Speech
• Budget Papers
• Budget in Brief