Canada: Economic and Fiscal Update

Today’s budget update from the federal government is rather brief. Not one new measure is included, which is somewhat rare, although the federal government had already announced an easing of the tax burden on individuals on December 9. The Basic Personal Amount on which no federal taxes are paid will go up for taxpayers with net income below $150,473 in 2020. It will rise from $12,298 to $13,229 in 2020, and should reach $15,000 in 2023.