Most of us will be getting a tax cut in the new year with the announcement the 22-per-cent personal income tax rate will be lowered to 20.5 per cent.
Federal Finance Minister Bill Morneau estimates single people who benefit will see an average tax reduction of $330 every year and couples who benefit will see an average tax reduction of $540 every year.
To help pay for the middle class tax cut, a new top personal income tax rate of 33 per cent is being established for individual taxable incomes in excess of $200,000.
The annual contribution limit for tax-free Savings Accounts is also going back to $5,500 from $10,000.
