01/13/2018 (Sat) 01:33:43
>>5439What happens to the remaining 8% of families?
“Either their tax bill stays the same or slightly decrease. We don’t do the analysis – who the incomes are of the 8%. It’s not something our analysis includes. What I can say is when you look at that middle group of families – these are families with income of $78,000 and $110,000. About 99% in this income range will be paying higher taxes.”
Your report explains that Canadian families could be paying even more. Can you explain?
“In our report, we’ve only calculated two of the major tax changes that have been announced so far. But then there’s others that we do not account for in these numbers. So, for example, you raise the carbon tax. This is a federally mandated tax that will be increasing over the course of the coming years. The potential for an even higher tax bill for families is greater than what we’ve outlined here. There’s also the scaling back of the contribution room of the Tax Free Savings Account, there are also new taxes they’re implementing on small businesses.”
How can Canadian families prepare for this up-shift in taxes beginning Jan. 2019?
“I don’t know if they can. A tax is a forced contribution to the government. I think the takeaway is we have a government that is repeating a claim to Canadians and I think it’s important for Canadians to be aware of what the claim is. And the reality is contrary to what the government is saying.”BY THE NUMBERS
92.2% – The percentage of Canadian families with kids that will pay higher taxes as a result of federal income tax changes and the Canada Pension Plan payroll tax hike
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