The average Canadian family will save over $850 per year on their income taxes after a Conservative government reduces the rate of the lowest-income tax bracket with the Universal Tax Cut.
It’s time for a universal tax cut that is focused on you. We’re going to deliver a tax cut targeted specifically at taxpayers in the lowest-income tax bracket. This means that every Canadian will see their income taxes go down, and those in the lowest tax bracket see the biggest benefit of all.
With the Universal Tax Cut, the tax rate on income under $47,630 will be reduced from 15 per cent to 13.75 per cent. This will allow an individual taxpayer to save as much as $440 on their taxes. A two-income couple earning an average salary would save over $850 per year.