A universal tax cut mean more money back in your pocket!
With the Universal Tax Cut, a Conservative government will put more money in your pocket by lowering the tax rate for the lowest income tax bracket from 15 per cent to 13.75 per cent. The lowest income tax bracket covers earned income between $12,069 and $47,630. This means that the relative benefits of the Universal Tax Cut will be focused on low- and middle-income Canadians.
Individual taxpayers could save as much as $440 on their income taxes, while a family of two people earning an average salary would save over $850 in income taxes. The tax cut will be phased in responsibly, we will begin by reducing the rate to 14.5 per cent on January 1, 2021, then to 14 per cent on January 1, 2022, and to 13.75 per cent on January 1, 2023. The Universal Tax Cut will be fully implemented within a four-year mandate.
This tax drop for all will help a couple earning an average salary save more than $850 per year. A Conservative government will work to live within the means so we can put more money back in your pockets. It’s time for you to get ahead!