As we discussed last week, the new federal government is proposing several changes to Canada’s current tax policy. Many of you may be wondering what these possible changes would mean for you and your family.
The Knowledge Bureau Network has examined the proposed policies. Assuming all the changes are adopted in their current form, they have prepared several scenarios showing the effects of each new policy. Each scenario shows a different household, with variations in number of kids, income level and whether it is a single person or a couple.
Their results show that low- to no- income families with children will benefit the most
Their results show that low- to no- income families with children will benefit the most from the proposed policies. Out of their eight scenarios, the household that loses the most money due to the proposed policies is a single person with no kids earning $250,000 a year.
Keep in mind that the numbers they used will not be confirmed until the 2016 federal budget is released. Any of the policies may be modified before they’re adopted or may not be adopted at all.
You can read the full article here.