Finance Minister sets out tax changes

The federal finance minister spoke Monday to set out the government’s plans on proposed tax changes. The Liberals made an election pledge to cut middle-earners’ taxes and add more of the burden on high earners. Bill Morneau told the Commons that the changes will take effect on Jan 1 2016 and will mean those earning between $45,282 and $90,563 will pay tax at a 20.5 per cent rate rather than the current 22 per cent. Those who make more than $200,000 a year will face a new 33 per cent tax rate.

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