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1985 Canadian Federal Budget
The 1985 Canadian federal budget for fiscal year 1985-1986 was presented by Minister of Finance Michael Wilson in the House of Commons of Canada on 23 May 1985. This is the first federal budget under the premiership of Brian Mulroney, and generally increased taxes. Background The budget is the first presented in the 33rd Canadian Parliament, following the 1984 federal election during which the Progressive-Conservatives won a landslide majority. The previous fiscal year (1983-84) saw, at the time, the largest post-war deficit of the federal government at 37.16 billion. Taxes Personal income taxes The budget brought significant changes to income taxes, notably: * Introduced the Lifetime Capital Gains Exemption (LCGE) ** The budget provided for a $500,000 exemption lifetime exemption for capital gains to encourage investment and risk-taking. ** To account for the LCGE several other tax incentives were abolished or rolled back * A new tax credit of up to 20% is allowed for inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
33rd Canadian Parliament
The 33rd Canadian Parliament was in session from November 5, 1984, until October 1, 1988. The membership was set by the 1984 federal election on September 4, 1984, and it only changed slightly due to resignations and by-elections prior to being dissolved before the 1988 election. It was controlled by a Progressive Conservative majority under Prime Minister Brian Mulroney and the 24th Canadian Ministry. The Official Opposition was the Liberal Party, led by former prime minister John Turner. The Speaker was first John William Bosley and then John Allen Fraser. See also List of Canadian electoral districts 1976-1987 for a list of the ridings in this parliament. There were two sessions of the 33rd Parliament: Party standings The party standings as of the election and as of dissolution were as follows: Members of the House of Commons Members of the House of Commons in the 33rd parliament arranged by province. Newfoundland ** James McGrath resigned from Parliament an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excise Tax Act
file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when the barrel was tapped it would destroy the stamp. An excise, or excise tax, is any duty (economics), duty on manufactured goods (economics), goods that is levied at the moment of manufacture rather than at sale. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the ''border'', while excise is levied on goods that came into existence ''inland''. An excise is considered an indirect tax, meaning that the producer or seller who pays the levy to the government is expected to try to recover their loss by raising the price paid by the eventual buyer of the goods. Excises are typically impos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1985 Government Budgets
The year 1985 was designated as the International Youth Year by the United Nations. Events January * January 1 ** The Internet's Domain Name System is created. ** Greenland withdraws from the European Economic Community as a result of a new agreement on fishing rights. * January 7 – Japan Aerospace Exploration Agency launches ''Sakigake'', Japan's first interplanetary spacecraft and the first deep space probe to be launched by any country other than the United States space exploration programs, United States or the Soviet space program, Soviet Union. * January 15 – Tancredo Neves is Brazilian presidential election, 1985, elected president of Brazil by the National Congress of Brazil, Congress, ending the Military dictatorship in Brazil, 21-year military rule. * January 20 – Ronald Reagan is Second inauguration of Ronald Reagan, privately sworn in for a second term as Presidency of Ronald Reagan, President of the United States. * January 27 – The Eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
