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92% of families face tax hike

92% of families face tax hike

92% of families face tax hike of over $2,200 beginning in 2019: Fraser Institute

Source: Toronto Sun
Author:  Jenny Yuen

A new Fraser Institute report — The Effect of Canadian Families of Changes to Federal Income Tax and CPP Payroll Tax — says more than 90% of Canadian families will pay higher taxes once the Canada Pension Plan tax increases are fully implemented by 2025. The first of seven increases to CPP tax — which all workers much pay — begins January 2019. The study’s co-author, Charles Lammam, talks about the impact on middle-class families.

What was the most surprising thing you found in the report?

“Canadian families will endure a significant tax increase and that tax bill will increase over time. The Trudeau government has talked a lot about cutting taxes for families. Based on the personal income tax changes they’ve already put in the case, we’ve found that’s not true for the vast majority of middle class families. But then there are major tax changes set to come into effect, starting next year, particularly the payroll tax hike to fund the Canada Pension Plan expansion. We found that plus what has already been implemented will result in over 92% of all families with children in Canada paying higher taxes and they’ll be paying on average $2,200 more per year.”

Read the full article here.

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