DAN ALBAS: There have been tax reduction efforts federally, however income taxes in many provinces have risen in addition to increases in property taxes
USED WITH PERMISSION As many accountants and tax professionals will know, January of each year is the opening of “income tax season”; the period of time up until April 30th when in this case, your 2018 income taxes must be filed with the Canada Revenue Agency. If you follow political discussions, you will likely have heard claims that income taxes have gone up, as well as counter claims that they have gone down. In this report, I wanted to review federal income tax changes over the past 18 years for more context on this subject. Going back to the year 2000, there were just three federal income tax brackets , your first $30,004 was taxed at a rate of 17%, the next $30,004 up to $60,009 was taxed at a rate of 25%, and all income over $60,009 was taxed at 29%. There were some significant changes in 2013. A fourth income tax bracket on your income up to $43,561, that would be taxed at a lower rate of 15%. The second tax bracket was adjusted so that income b...