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After the Federal Election: Tax Changes to Look Out Forin KD Professional Accounting Services News
We have heard a lot of things during the election about what various parties would or would not do. Now that we know the outcome it is time to look at the reality of what the Liberals proposed and presumably will enact. Since I am an accountant and since most people are mainly concerned with taxes I am going to look at the specifics that will affect your income taxes.
Personal Income Tax
1. Reduce the middle income tax bracket rate from 22% to 20.5%
2. Create a new income tax bracket of 33% for taxable income over $200,000 per year
3. Cancel the Family Tax Cut
4. No Change to pension splitting for seniors
5. Cancel the education and textbook tax credits, but maintain the tuition tax credit
Corporate Income Tax
Reduce the small business corporate income tax rate to 9% from 11% which the conservatives had already proposed to do.
Cancel TFSA limit increase from $5,500 to $10,000
There are other changes coming as well, however, for most the specifics are not yet available, or they have not officially been enacted by law. Examples of these are:
1. Changes to Home Buyers Plan
2. Changes to Employment Insurance
3. Child Benefit programs
4. Teacher Supply Benefit 5. Changes to Northern Residence Deduction
As specifics about various programs and tax changes become law and the specifics as to when and how they will be implemented become available KD will endeavor to keep you up to date on the issues that affect you, your family, and your taxes.