Tax changes 2015




Tax rate changes for individuals and tax-free savings account.

For the 2016 and subsequent tax years, the federal personal income tax rate on taxable income of $45,282 to $90,563 (the second income tax bracket) will be reduced by 1.5% from 22% to 20.5%.

For 2016, the Government proposes a TFSA annual contribution limit of $5,500.

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