Ms. Ruby Sahota, the re-elected Member of Parliament for Brampton North, wants to share information about new tax changes at the federal level that will positively affect our middle class and those working hard to join it. These changes include:
• Increasing the Basic Personal Amount (BPA) to lower taxes for close to 20 million
Canadians and phasing it out for wealthy individuals, which will save individuals
nearly $300 and families nearly $600 in additional taxes
o For 2020, the BPA will increase to $13,229;
• Adjusting the Rate of Inflation: Canada Revenue Agency announce that the inflation
rate that will be used to index the 2020 tax brackets and amounts will be 1.9%;
• Changing the Canada Pension Plan premium from 5.1% to 5.25%. These
enhancements will increase the maximum CPP retirement benefit by about 50% for
those who make enhanced contributions for 40 years, supporting Canadians as the cost
of living increases;
• Decreasing Employment Insurance premiums from $1.62 to $1.58 per $100 of
insurable earnings; and
• Continuing to index a more generous, tax-free Canada Child Benefit to the rate of
inflation so that the benefit keeps up with the cost of living in Canada and successfully
lifting hundreds of thousands of children out of poverty and helping middle class
parents build a better future for their kids.
“Building on our very first action, after being re-elected, of lowering taxes, once again, for
middle class Canadians, these tax changes are a part of our Liberal government’s
continuous commitment to supporting Canadian businesses, and Canada’s middle class
and those working hard to join it” said MP Sahota.