Getty image. Canadians are ringing in the new year with another tax reduction from the federal government; they can now earn more before paying any federal income tax. It’s another important step forward for the middle class and those working hard to join it, and for seniors’ financial security.
When the Liberal government’s increases to the Basic Personal Amount are fully implemented in 2023, 4.3 million seniors will benefit, including 465,000 whose federal income tax will be reduced to zero. Every year, singles will save close to $300 and couples will save nearly $600.
These savings will help seniors with everyday […]
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