12 December 2019
Canada's Department of Finance has announced the tabling of a proposal in the House of Commons to lower taxes for the middle class by increasing the Basic Personal Amount (BPA) to CAD 15,000 by 2023. The BPA is essentially a tax-free allowance, which is currently set at CAD 12,069 2019 and is projected to be indexed to CAD 13,038 by 2023 under current rules. In addition to the BPA increase, the government proposal would also increase the Spouse or Common-Law Partner Amount and the Eligible Dependent Credit to CAD 15,000 by 2023. For higher-income individuals, the benefit of the increases would be gradually reduced.
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