But the budget office says that isn’t likely to happen based on how the Liberals set up the income-tested tax break. The change will mean that 900,000 people won’t have to pay any income tax — usually those at the very lowest end of the income spectrum, the PBO said. The PBO report said individuals will have $218 in average annual tax savings when the cut is fully implemented in 2023. Casting ahead to 2023, the PBO also projected what federal income tax brackets will look like to determine the tax-effect spinoff. Giroux’s report said there will be just under $21.5 billion in lost tax revenues from the new tax cut through to March 2024.

Source: National Post January 28, 2020 15:45 UTC