Tax Reduction for Low, Mid-Income Earners, Likely to Attract more Immigrants in Canada

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When you plan immigration to another country, the cost of living and income tax, etc. are the key factors you look into. Canada, although, had been a popular immigration destination, however, when it comes to low taxes, it certainly won’t be the first choice for the skilled migrants with low income. However, with the recent tax cut announcement w.e.f. January 1, 2016, will certainly attract more low and mid income earners in Canada.

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The Existing Tax Rule Amended by the New Liberal Government

The Tax Rules have been amended by the new Liberal Government in Canada as per their prior commitment. The Tax in general levied to all the citizens and residents in Canada. The new tax rules are primarily going to benefit the people with low and mid income, whereas, the individuals with relatively high income will have to face higher taxes.

Key Points Regarding New Tax Rules

Below are the key changes announced to the existing tax rules.

  • For the individuals with income $45,282 – $90,563, the payable tax rate will be decreased to 20.5% from 22%, which is being charged at now.
  • The Tax Rule Changes will take effect on January 1, 2016.
  • For the People earning more than $200,000 payable tax rate will be 33%

Key Changes in Tax-Free Saving Account (TFSA)

The TFSA (Tax-Free Saving Account) is one of the key saving options for the new immigrants in Canada. However, the ceiling amount per year for a TFSA account has been set back to $5,500. The key benefit of TFSA account is that it does not ask for the earlier income in Canada from the new immigrants, unlike the RRSP (Registered Retirement Saving Plan). Moreover, withdrawals in a TFSA are also tax-free.

Are you planning to Immigrate to Canada? Get the key Assistance for Immigration procedure now

Well, if you are planning to immigrate to Canada, you need to go through a multifaceted immigration procedure to apply for a Canadian Visa and also to explore the job options there. In case, you miss out on any key aspect or procedural guideline, it could lead to a denial of your candidature, which is the last thing you would want, as the visas need to be approved within a limited period of time most of the time.

Under all such circumstances, a help, guidance, or assistance from a trusted Immigration Consultancy Service is essential for a timely immigration to your desired country. Visas Avenue is one such reputed Visa Consultancy Service that has a team of qualified and experienced Immigration Experts. Visas Avenue has been helping its worldwide clients to immigrate to immigration hotspot countries, such as Canada, Australia, New Zealand, USA, UK, Denmark, Germany, Hong Kong, South Africa, etc. over the years.

In order to get in touch with us, you can fill up the free assessment form available on the Visas Avenue website, so that our Immigration Specialist can assess your profile and subsequently contact you with the expert immigration advice, based on your profile details. You can also make a direct call to our immigration specialist, to get a vital guidance and help for filing the visa with 100% accuracy and completing the immigration procedure to ensure a guaranteed approval in time.

Disclaimer: Visas Avenue does not deal in any type of job or job assistance services. Visas Avenue is not a job recruitment agent or job service provider. Visas Avenue does not offer consultancy on / overseas jobs/work permits/international or domestic placements.

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2 Comments

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