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Majority Of Canadians Back Trudeau's Income Tax Plans

by Mike Godfrey, Tax-News.com, Washington

05 November 2015


83 percent of Canadians support Prime Minister-delegate Justin Trudeau's proposed tax cuts for the "middle class," but there is only tepid support for his planned reduction in the Tax-Free Savings Account (TFSA) contribution limit, according to a new survey by think tank the Angus Reid Institute.

The Institute conducted an online survey in the week after Trudeau's Liberal Party won the federal general election. 83 percent of respondents said that they approved of Trudeau's pledge to cut the income tax rate for those earning between CAD44,700 (USD34,237) and CAD89,400 from 22 percent to 20.5 percent. 76 percent supported the proposed introduction of a new 33 percent tax rate for income above CAD200,000.

Respondents were divided however on Trudeau's plan to run budget deficits of up to CAD10bn for three years to pay for CAD125bn in infrastructure, with 43 percent in favor and 43 percent against.

In addition, only 36 percent of those surveyed supported the proposed reduction in the TFSA limit from CAD10,000 to CAD5,500. 50 percent opposed the initiative. The CAD10,000 cap entered into force this year.

TAGS: tax | budget | tax thresholds | tax rates | Canada | tax reform | individual income tax

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