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Trudeau Makes Election Pledge On Canadian Taxes

by Mike Godfrey, Tax-News.com, Washington

27 September 2019


The Canadian Liberal Party has announced plans to reduce the income tax burden by raising the Basic Personal Amount (BPA).

If re-elected, the Liberals intend to increase the BPA by almost CAD2,000 (USD1,504) for those earning under CAD147,000 a year.

For 2019, the BPA covers the first CAD12,069 earned. This would be raised to CAD13,229 in 2020, to CAD13,808 in 2021, to CAD14,398 in 2022, and to CAD15,000 from 2023.

According to the Liberal Party, around 700,000 low income earners would pay no tax after the changes are fully phased in.

The measure will cost around CAD2.9bn in 2020-21, rising to CAD5.6bn when fully implemented in 2023-24. The Liberals said that this would be funded through a series of measures designed to make the tax system fairer, the details of which will be announced in the coming weeks.

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

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