FP: As we know, Trudeau’s middle-income tax cuts (although not yet passed) took effect on Jan. 1 and their impact is already built into the payroll deduction tables your employer uses to calculate the amount of tax that must be withheld from your pay. The middle-income tax cut applies to 2016 taxable annual income between $45,282 and $90,563 and the rate is now 20.5 per cent, down from 22 per cent in 2015. This means affected employees should experience at least a slight boost to their paycheque, once they have maxed out on their CPP and EI withholdings for 2016, whose rates remain unchanged.
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