December 4, 2015, No. 2015-37.Today the new Liberal government confirmed its intention to reduce the federal tax rate for the middle class “as an immediate priority”.
In the Speech from the Throne, the government also stated that it would introduce a new Canada Child Benefit, strengthen the Employment Insurance system and work with the provinces to enhance the Canada Pension Plan, among other things.
The government is expected to release draft legislation to enact its proposed tax changes shortly. This legislation should provide more details about the government’s proposed tax measures.
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Information is current to December 4, 2015. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.