| Presented | 25 May 1976 |
|---|---|
| Parliament | 30th |
| Party | Liberal |
| Finance minister | Donald Stovel Macdonald |
| Total revenue | 35.283 billion [1] |
| Total expenditures | 42.180 billion [1] |
| Deficit | $6.897 billion[1] |
‹ 1975 1977 › | |
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.[2]
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]