| Budget of the Canadian Federal Government | |
| Year: | 1976 |
| Country: | Canada |
| Previous Budget: | 1975 Canadian federal budget |
| Previous Year: | 1975 |
| Next Budget: | 1977 Canadian federal budget |
| Next Year: | 1977 |
| Presented: | 25 May 1976 |
| Parliament: | 30th |
| Party: | Liberal |
| Minister: | Donald Stovel Macdonald |
| Total Revenue: | 35.283 billion |
| Total Expenditures: | 42.180 billion |
| Deficit: | $6.897 billion[1] |
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]
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.
The maximum deduction for RPPs is increased to $3,500. For RRSPs the limit is increased to $5,500 per year.
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).