Here are nine things you need to know about how your
personal finances will change under the new Liberal government. These points
are based on measures the party campaigned on prior to the election Monday.
1.
Middle class tax cuts: People with taxable
income between $44,700 and $89,401 will save as much as $670 per year on their income
taxes.
2.
Tax increases for high earners: The Liberals
will increase income taxes on people making more
than $200,000 a year. At $300,000, the extra tax would amount to $3,330; the
top combined federal and provincial marginal tax rate will be above 50 per cent
in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia.
3.
Changes to the TFSA limit: The annual
contribution limit would likely fall back to $5,500 from the current $10,000.
