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Canadian voters were clearly ready for a change, as
evidenced in the October 19, 2015 federal election results. Based on Justin
Trudeau’s campaign platform, a Liberal majority government will have the
following impact on taxpayers:
Personal Tax Rate
Cancellation of the Family Tax Cut
Taxation of Stock Options
Child Tax Benefit
The annual Tax-Free Savings Account (TFSA) contribution limit will be reduced from $10,000 to $5,500.
Employment Insurance premiums will be reduced to $1.65 per $100. The Liberals have also speculated on a plan to increase CPP contributions however no further details have been released.
The traditional retirement age, for purposes of the Old Age Security and Guaranteed Income Supplement programs, will remain at 65 (previously set to increase to 67 over the next few years).
There will be increased benefits to students, with both increased student grant programs and extended student loan repayment terms; however, it is expected that the textbook tax credit will disappear.
Implementation of platform promises will be an interesting process to follow and how and when these changes will roll out remains to be seen.
For more information on how these proposed tax changes will affect you, please contact Loren Kroeker, Senior Vice President, Taxation Services, at 250.734.4330 or [email protected], or an MNP Tax Advisor in your region.
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