What the government giveth, it also taketh away! And then some!
This is from the Star.
Starting today, the basic income tax personal exemption increases by $500 to $10,100, which the Canadian Taxpayers Federation calculates will save most taxpayers about $39 for the year.
But the lobby group notes the minor gain will be eclipsed by payroll tax changes – for both employment insurance and Canada Pension Plan premiums – that will result in an increase of $90 for most workers. The net impact? Minus $51.