On December 9, 2019, the federal government announced that by 2023, the Basic Personal Amount (BPA) would be grown to $15,000. That’s a fair jump from today, but what does this mean for Canadians? And how will it benefit you – or not – on your tax return? How it works
The BPA is a non-refundable tax credit that can be claimed by any individual living and working in Canada. The idea is to give a full reduction from your federal income taxes if you make below the BPA. It then gives a partial reduction for those making above […]
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