OTTAWA—Federal tax changes coming into effect Jan. 1 will lower taxes for most Canadians and also impact retirees, recently separated individuals who want to use their retirement savings to buy a home and digital news consumers. The basic amount most Canadians can earn tax-free is going up on Jan. 1, resulting in slightly lower federal income taxes. That will result in federal income tax savings of $113 in Quebec and $138 in the rest of Canada, according to the Canadian Taxpayers Federation. Among the other federal tax changes coming into effect:Canadians who pay up to $500 for digital news subscriptions can apply for a $75 tax credit. Businesses donating money can also apply for tax savings.

Source: thestar December 31, 2019 17:48 UTC