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Canada proposes new “Middle class tax cut” starting in 2020
Canada proposes new “Middle class tax cut” in 2020
Canada has announced that it will gradually increase the basic personal income tax deduction to $15,000, starting next year.
The newly re-elected Liberal government released draft legislation on December 9, 2019 to raise the basic personal income tax deduction for individuals with net incomes under $214,368. This new increase was originally contemplated in the Liberal Party’s election campaign platform. The draft legislation does not include any other tax measures. At a press conference to announce the change, the government also indicated that it intends to deliver an economic update before the end of 2019.
Download this edition of the TaxNewsFlash to learn more.
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