Tax season: A slight increase that is almost unnoticeable

Tax season is in full swing and this year the Canadian Taxpayers Federation (CCF) has identified an increase in income taxes.

In a report released in December 2023, the FCC said the majority of Canadians will pay more in income taxes.

This increase varies from an additional $9 for annual income less than or equal to $30,000 to $347 for annual income of $80,000 or more.

“Generally speaking, it probably won't affect you too much because it's not like they're raising taxes by crazy amounts. “With Canada's debt levels, everyone's budgets are already under pressure,” personal finance expert Barry Choi explained to Global News, “every penny counts these days.” .

Government of Canada raises taxes While this may seem minimal to some, the Canadian Taxpayers Federation has identified 51 national governments that have provided tax relief during the pandemic or in an effort to reduce the burden of inflation. These governments include more than half of the G7 and G20 countries, as well as two-thirds of the Organization for Economic Co-operation and Development (OECD) countries. Canada is a member of all three organizations.

Changes highlighted in the FCC's annual report include higher taxes on alcohol and carbon, an increase in maximum employment insurance premiums and a second increase to the Canada Pension Plan (CPP) imposed by the federal government.