Comment 114174

By LedPencilPusher (registered) | Posted October 08, 2015 at 13:22:24

In terms of practicalities, one of the ways you could initially start implementing a guaranteed minimum income would be to make all non-refundable tax credits refundable. This would achieve something similar to the Negative Income Tax Model where individuals/families who have low incomes get money back, even if they didn't pay any taxes (effectively bumping up their income and having it be non-taxable).

With this, the credits could be adjusted provincially/nationally (because your provincial and federal tax returns are filed simultaneously), which could account for the different cost of living in different parts of Canada. This solution would require only a slight legislative change and could be implemented very quickly, without any additional administrative burden/overhead.

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