This spring, we can expect slightly bigger tax refunds from Revenue Canada, thanks to the fiscal update tabled during the last days of the Liberal government. Some of the tax cuts were made retroactive to January 1, 2005:
- The Basic Personal Amount was increased by $500.
- The current 16% tax rate was lowered to 15%.
These changes will benefit all Canadian taxpayers to the tune of about $350 for someone earning more than $35,000 per year. It should help a little bit with the shock we are going to receive on opening our heating bills this month.
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