Are 2020’s tax changes ‘significant’ or ‘a wash’?

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Discussion posted by: Arye ben-Shaoul

When Finance Minister Bill Morneau introduced a motion earlier this month to keep the Liberals’ election pledge to cut income taxes for the middle class, he called the measure “significant” and said it would impact 20 million Canadians. But most Canadians would have to study their pay stubs very closely after Jan. 1 to detect that tax cut and other changes to deductions that arrive with the new year. And unless they live in Alberta, they may not notice this year’s tax changes at all (more on that later). “It’s going to be very subtle. And I’d be surprised, frankly, if anybody noticed, if nobody told them,” said Janet Gray, a personal financial planner from Orleans, Ont.