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Thread: Liberals announce FEDERAL Income Tax Cuts - First $ 15,000 NO longer taxable.

  1. #1
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    1
    https://www.cbc.ca/news/politics/lib...lass-1.5389258

    Increase to Basic Personal Amount tax exemption to $ 15,000.

    So the first $ 15,000 you earn will pay NO federal tax on it.

    1.1 Million Canadians will pay NO tax as they earn $ 15,000 or less.
    This thread is currently associated with: N/A
    Last edited by tjthemanto; Mon, Dec 9th, 2019 at 12:26 PM.
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  2. #2
    Super-walking bean bun! Ciel's Avatar
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    So will the federal government have brand new TD1 forms available on January 1 so those who earn under the $15K can complete the new forms and update their payroll contact about the change? Because doing so will reduce the withholding taxes come payday runtime!

    Actually anyone with a change in personal circumstances *addition or removal of dependant or spouse, more than one part-time job, etc.* should do a new TD1 form in the new year. The job with the most wages or hours should be the one you want to claim the personal exemption on. Any second job with few hours or wages--you don't claim the personal exemption on unless that job#2 helps you with job #1 to stay under $15K in gross earnings/income. Then give the second place of employment a TD1 form to save on withholding taxes.
    2020-Money & *baby Yoda*

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    4 years is too long to implement this. Most of it will be eaten by inflation.

    I think the current 2019 - BPA amount is
    $11,809.

    $ 15,000 in 2023 will probably buy you the same stuff, $
    11,809 is buying you in 2019.

    Especially in Vancouver & Toronto, the way rents & Real Estate are going these days.

    That whole Carbon Tax Rebates will also stop soon in a few years and most companies are now passing it on to the consumer now. Will be worse 3-4 years from now.

    Nothing but gimmicks from the government.
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    When all is said and done a low income earner will save a paltry $ 300 in taxes that's not even
    $ 1 a day for the year.

    Of course even that $300 in tax savings will be nullified by carbon taxes, increase to CPP, some jacked up hidden taxes elsewhere and of course various direct & hidden fees which are nothing but taxes.

    Like your city had some essential programs which were covered by your taxes and were free, but no longer covered & you have to pay for it.

    Even in healthcare certain tests and procedures and miscellaneous expenses used to be covered but now they charge you for it - both hospitals, doctors, diagnostic centres, labs etc. All I hear is this not covered and that is not covered by your so called free healthcare These days.

    Year Existing BPA1 Proposed BPA
    2020 $12,298 $13,229
    2021 $12,554 $13,808
    2022 $12,783 $14,398
    2023 $13,038 $15,000
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    new bpa
    2020 $13,229
    2021 $13,808
    2022 $14,398
    2023 $15,000
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    Plus CPP and unemployment insurance going up. Liberal government gives with one hand and steals with the other. Plus carbon tax!!!
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    Higher Carbon Tax Rebates this year as compared to last year. Plus they will increase each year till 2022, after which they will stop. No rebates after that.

    Link:

    https://img.huffingtonpost.com/asset..._630_noupscale

    n Ontario, Manitoba and Saskatchewan, the payments, based on household size, are higher than last year's.
    For example, a single person in Ontario received $154 last year, but is eligible for $224 this year. A family of four in Saskatchewan received $609 last year, but is eligible for $809 this year.
    Last edited by tjthemanto; Thu, Jan 2nd, 2020 at 03:41 PM.
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    🙏
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    See My Account new feature to claim any Uncashed cheques you might have.

    $ 1 Billion pending.

    https://edmonton.ctvnews.ca/mobile/1...ques-1.4850839
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  10. #10
    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by tjthemanto View Post
    See My Account new feature to claim any Uncashed cheques you might have.

    $ 1 Billion pending.

    https://edmonton.ctvnews.ca/mobile/1...ques-1.4850839
    Thanks. Why can't CRA contact the people once per year about this? They are quick to get in touch if you OWE taxes, and quick to call/mail with a reminder to pay

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