According to a report by the Canadian Broadcasting Corporation (CBC), Canadian Federal Finance Minister Bill Morneau recently announced that the Liberal government will begin fulfilling its campaign promise to cut taxes by launching a plan to reduce taxes for the middle class.
The Federal Finance Minister has proposed amendments to the Income Tax Act, with plans to gradually increase the Basic Personal Amount (BPA) by $2,000 CAD over the next four years, meaning that the first $15,000 CAD of personal income will be tax-free.
It is estimated that by the time the plan is fully implemented in 2023, each individual will save an average of $300 CAD in taxes per year, while each family will save an average of nearly $600 CAD. The Finance Minister stated that this "major measure" will allow up to 20 million people to enjoy tax relief, and the number of Canadians who do not need to pay taxes due to low income will increase by 1.1 million.
At the same time, the government will gradually reduce benefits for wealthy Canadians with an annual net income exceeding $150,473 CAD.
As everyone knows, Canada is a country with high social welfare. In recent years, with its sound welfare system, comprehensive medical system, and comfortable living environment, Canada has attracted immigrants from all over the world, making it a preferred destination for global individuals to plan their status. It is believed that with Canada's continuously improving welfare, the country may attract even more people to immigrate in the future.
As a top 500 Asian brand, WorldWay Group offers various Canadian investment immigration programs, including the low-threshold Quebec Immigrant Investor Program for obtaining a Maple Leaf Card, as well as the Saskatchewan Entrepreneur Program, Prince Edward Island Entrepreneur Program, Manitoba Entrepreneur Program, and New Brunswick Entrepreneur Program, helping investors realize their dreams of moving to the Great White North.
Great news! To thank our vast number of new and old clients for their continued attention and support, WorldWay Group is launching a year-end gratitude promotion. From December 1st to 31st, 2019, WorldWay is offering major discounts across all lines, with 18 immigration programs to choose from and investment amounts starting as low as $80,000 USD! The limited-time event is in full swing with many discounts and surprises. We welcome all new and old clients to participate actively and seize the opportunity!
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