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.
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