A handful of federal-level tax changes that take effect in 2020 are expected to provide marginal financial relief to most Canadians.
As announced last month by Finance Minister Bill Morneau , middle-income households will be subject to slightly lower federal income taxes as the basic amount most Canadians earn tax-free was increased from $12,069 to $13,229 on January 1. That increase in the basic personal amount is the Liberal government’s first step toward fulfilling its campaign promise from the recent federal election, which will see the tax-free amount raised up to $15,000 by 2023.
According to the Canadian Taxpayers Federation (CTF), […]
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