It's official. Today the Liberal government announced that they will make a change to federal income tax brackets starting in 2016.
There are two parts to this change. The first is cutting the "middle class" income tax bracket from 22% to 20.5%. If your taxable income is between $45,282 and $216,987 you'll pay less tax. The second part of this change is the introduction of a new 33% tax bracket for people who earn more than $200,000 each year.
So, how will this impact you? Here's a calculator we whipped up so you can find out.1
Your taxable income
You'll see no difference because of these changes.
Are you curious about today's other announcements?
Author - Atul Prakash
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