OTTAWA — Federal tax changes coming into effect Jan. 1 will lower taxes for most Canadians and also impact retirees, recently separated individuals who want to use their retirement savings to buy a home and digital news consumers.
For this year, the exemption amount will increase from $12,069 to $13,229. That will result in federal income tax savings of $113 in Quebec and $138 in the rest of Canada, according to the Canadian Taxpayers Federation. Overall, residents of Ontario and Quebec earning less than $100,000 annually will see net savings of between $55 and $116, the federation estimated.
The HBP allows first-time home buyers to withdraw up to $35,000 from an RRSP to put toward a down payment on a home without having to pay tax on the withdrawal.Canadians who pay up to $500 for digital news subscriptions can apply for a $75 tax credit.
Higher pension deductions....hello...higher carbon taxes... Hello money behind again!!!!
When you take into account the co2 tax individuals are not paying lower taxes
Too little too late
Peanuts for the masses, billions to fund pensions for the pigs at the through
All negative. Can’t spin this one NP
Lower taxes is smoke and mirrors. They lower them where you see it easily, like the income or sales tax, then increase it even more in hidden fees like the carbon tax.