Bill No. 55 of 1934. A BILL TO AMEND THE INCOME TAX ACT. NOTE.

Section 2 of this Bill does away with the base tax of $3.00. By

section 3 the provisions with regard to interest and penalties on any tax payable on undisclosed income are amended.

Section 4 of the Bill strikes out the First

Schedule to the Act and substitutes another one for it which has the effect of increasing the rate of tax by 1 % in respect of each thou­ sand dollars of taxable income commencing with $3,000, and also does away with the exemption of the first $1,000 of income in the case of a corporation. By

section 5 of the Bill provision is made for the pay­ ment of the sums therein mentioned to the cities of Edmon­ ton, Calgary and Lethbridge. R. ANDREW SMITH, Legislative Counsel. (This note does not form any part of the Bill and is offered merely as a pa1"tiaZ explanation of some of its provisions.)

BILL No. 55 of 1934.

An Act to amend The Income Tax Act. (Assented to , 1934.) HIS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. This Act may be cited as "The Income Tax Act Amend­ ment Act, 1984." 2. The Income Tax Act, being

chapter 5 of the Statutes of Alberta, 1932, is hereby amended as to

section 8 thereof- (

a) by striking out the words "and every person in respect of whose income any tax has been so assessed and levied shall pay the amount of the tax so as­ sessed and levied together with an additional sum of three dollars:" where the same occur in subsection (1) thereof; and (

b) by striking out the words "upon income exceeding one thousand dollars together with an additional sum of three dollars," where the same occur in sub­ section (2) thereof. 3. The said Act is further amended as to

section 53 thereof by striking out subsections (2) and (3) thereof and by substituting therefor the following: "

(2) Any additional tax found due over the estimated amount shall be paid within one month from the date of the mailing of the notice of assessment together with interest at the rate of six per centum per annum from the last day prescribed for making such return to the time payment is made. "

(3) If the taxpayer fails to pay such additional tax within one month from the date of the mailing of assessment aforesaid, he shall pay, in addition to the interest provided for by subsection (2) of this section, interest at the rate of four per centum per annum upon the said additional tax from the expiry of the period of one month from the date of the mailing of the said notice to the date of payment." 4. The said Act is further amended by striking out the First

Schedule thereto and by substituting therefor the following:

2 "FIRST SCHEDULE. "RATES OF TAX ApPLICABLE TO PERSONS OTHER THAN CORPORATIONS AND JOINT STOCK COMPANIES.

"On the excess of income over the amount exempt from taxation up to $2,000-1%; "On the excess of income over the amount exempt, over $2,000 and up to $3,000-2%; "On the excess of income over the amount exempt, over $3,000 and up to $4,000-3%; "On the excess of income over the amount exempt, over $4,000 and up to $5,000-4%; "On the excess of income over the amount exempt, over $5,000 and up to $6,000-5%; "On the excess of income over the amount exempt, over $6,000 and up to $7,000-6%; "On the excess of income over the amount exempt, over $7,000 and up to $8,000-7%; "On the excess of income over the amount exempt, over $8,000 and up to $9,000-8%; "On the excess of income over the amount exempt, over $9,000 and up to $10,000--9%; "On the excess of income ove): the amount exempt, over $10,000 and up to $11,000--10%; "On the excess of income over the amount . exempt, over $11,000 and up to $12,000--n%; "On the excess of income over the amount exempt, over $12,000 and up to $13,000-12%; "On the excess of income over the amount exempt, over $13,000 and up to $14,000-13% ; "On the excess of income over the amount exempt, over $14,000 and up to $15,000-14%; "On the excess of incoine over the amount exempt, over $15,000 and up to $16,000-15%; "On the excess of income over the amount exempt, over $16,000 and up to $17,000-16% ; "On the excess of income over the amount exempt, over $17,000 and up to $18,000-17%; "On the excess of income over the amount exempt, over $18,000 and up to $19,000-18%; "On the excess of income over the amount exempt, over $19,000 and up to $20,000-19%; "On the excess of income over the amount exempt, over $20,000 and up to $21,000-20%; "On the excess of income over the amount exempt, over $21,000 and up to $22,000-21%; "On the excess of income over the amount exempt, over $22,000 ,and up to $23,000-22%; "On the excess of income over the amount exempt, over $23,000 and up to $24,000-23%;

3 "On the excess of income over the amount exempt, over $24,000 and up to $25,000-24%; "On the excess of income over the amount exempt, over $25,000 and up to $26,000-25%; "On the excess of income over the amount exempt, over $26,000 and up to $27,000-26%; "On all the excess of income over the amount exempt, over $27,000-260/0. "RATE OF TAX ApPLICABLE TO CORPORATIONS AND JOINT STOCK COMPANIES. "On the income of the Company-4%." 5.

The Provincial Treasurer is hereby authorized out of the taxes levied and received under the said Act in the year 1934 to pay to the City of Edmonton the sum of $45,000; to the City of Calgary the sum of $45,000; and to the City of Lethbridge the sum of $2,400, and out of the taxes levied and received in the year 1935, to pay to each of the said cities such lesser amount respectively as may be fixed by the Lieutenant Governor in Council. 6. This Act shall come into force on the day upon which it is assented to.

No. 55. FOURTH SESSION SEVENTH LEGISLATURE 24 GEORGE V 1934 BILL

An Act to amend The Income Tax Act. Recei ved and read the First time ............................................................ . Second ume.............. . ..................... . Third ume ............................................................ . HON. MR. REID EDMONTON: W. D. McLEAN, KING'S PRINTER 1934 Title: 1934 (7th, 4th) Bill 55,

An Act to amend The Income Tax Act