ere are nine things you need to know about how your personal finances will change under the new Liberal government. These points are based on measures the party campaigned on prior to the election Monday.
1. Middle class tax cuts: People with taxable income between $44,700 and $89,401 will save as much as $670 per year on their income taxes.
2. Tax increases for high earners: The Liberals will increase income taxes on people making more than $200,000 a year. At $300,000, the extra tax would amount to $3,330; the top combined federal and provincial marginal tax rate will be above 50 per cent in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia.
3. Changes to the TFSA limit: The annual contribution limit would likely fall back to $5,500 from the current $10,000.
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