The basic amount most Canadians can earn tax-free is going up on Jan. 1, resulting in slightly lower federal income taxes
The increase in the basic personal amount was promised by the Liberals during the federal election campaign and is being phased in over four years until it reaches $15,000 in 2023.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.
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