The tax cut was introduced in December 2015, when the Trudeau Liberals cut the federal tax rate applicable to incomes between about $45,000 and $90,000 by 1.5 percentage points, from 22 per cent down to 20.5 per cent. According to the government, more than nine million Canadians are benefitting from the cut, which is saving $330 a year for single Canadians and $540 for couples on average.
But to help pay for that cut, the government hiked taxes on the rich, introducing a new top tax rate. The tax rate on income over $200,000 went up four percentage points, from 29 per cent to 33 per cent.
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