CANADA: How to Cut Taxes

Canadians who had waited two years for the government to take another slice off their high-level wartime taxes got good news last week. In his budget speech, Finance Minister Doug Abbott announced that the government would reduce its revenue from income taxes by 32%. Accordingly, he took 750,000 taxpayers off the lists by raising the exemptions from $750 to $1,000 for a single person and from $1,500 to $2,000 for a married couple with no children.* For those who still had to pay, the rates were trimmed. The new rates and exemptions would be retroactive to the first of...

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