These are the tax changes you need to know about for 2020
With a new year comes new changes to the tax laws. There will still be five federal income tax brackets and each will adjust for a 1.9 percent inflation rate. The Basic Personal Amount, money the government allows to not be taxed to allow for basic needs, will be increased more than expected. This allotment is also being removed for wealthy individuals. Pension plan contributions are expected to increase while employment insurance premiums for employees are expected to decrease.
“For one, there’s an increase to the basic personal amount Canadians can earn before facing federal income tax.”