A proposal would gradually increase the basic personal income tax deduction to $15,000* beginning in 2020.
*$ = Canadian dollar
The newly re-elected Liberal government released draft legislation on 9 December 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. Read a press release (11 December 2019) from the Department of Finance.
Read a December 2019 report [PDF 175 KB] prepared by the KPMG member firm in Canada
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