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Tax changes, new RRSP rules: Here’s what to watch out for in 2020

Source: Terry Pedwell, The Canadian Press, December 31, 2019

OTTAWA — Federal tax changes coming into effect Jan. 1 will lower taxes for most Canadians and also impact retirees, recently separated individuals who want to use their retirement savings to buy a home and digital news consumers.

The basic amount most Canadians can earn tax-free is going up on Jan. 1, resulting in slightly lower federal income taxes.

The increase in the basic personal amount was promised by the Liberals during the federal election campaign and is being phased in over four years until it reaches $15,000 in 2023.

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