These are the tax changes you need to know about for 2020
Each year, most (but not all) income tax and benefit amounts are indexed to inflation. In early December, the Canada Revenue Agency announced that the inflation rate that will be used to index the 2020 tax brackets and amounts will be 1.9 per cent. This rate was calculated by taking the percentage change in the average monthly Consumer Price Index data as reported by Statistics Canada for the 12-month period ended Sept. 30, 2019 relative to the average CPI for the 12-month period ended on Sept. 30, 2018.
Original Article Source Credits: Financial Post, https://business.financialpost.com/
Article Written By: Jamie Golombek
Original Article Posted on : December 13, 2019
Link to Original Article: https://business.financialpost.com/personal-finance/taxes/these-are-the-tax-changes-you-need-to-know-about-for-2020