Working income tax benefit Working income tax benefit The working income tax benefit (WITB) is a refundable tax credit in Canada, similar to the Earned Income Tax Credit (EITC) in the United States. Introduced in 2007, it offers tax relief to working low-income individuals and encourages others to enter the workforce. The WITB has been expanded considerably since its introduction. To be eligible for the WITB, the applicant or their spouse must be a Canadian resident for income tax purposes of at least 19 years of age as of December 31, and cannot be a full-time student. The WITB can be claimed on line
Lifetime income tax would make the first 8-10 years of the average Canadian's working life income tax-free. After that point, each next $250,000 of lifetime earnings would taxed at a progressively higher rates (14% rate until reaching $500,000, 20% until reaching $750,000, 24% until reaching $1 million, and 27% above $1 million). Critics argued that the system would actually increase taxation complexity, increase effective tax burdens, and increase taxation on older people and single families. Stephen Harper won the leadership election on the first ballot and Clement's ideas received no further significant airing. Lifetime income tax Lifetime income tax is a proposal for