Q&A: Jamie Golombek solutions questions in regards to the federal election and your taxes

With the tip of each the

tax season

and the

federal election

across the nook, many Canadians could also be questioning what the election means for his or her taxes.

Each the Liberals and Conservatives have promised various levels of tax cuts on earnings, housing, carbon and investments, however does does it imply to the common Canadian? What can we count on to come back out of our paycheques? How a lot distinction will it make to our backside line?

Jamie Golombek

, Monetary Submit contributor and managing director of tax and property planning at CIBC Personal Wealth, was readily available to reply reader questions on all issues taxes.

Tax guarantees this election

• Liberal chief Mark Carney has promised to decrease the bottom federal earnings tax bracket to 14 per cent, saving a typical two-income household $825 per yr.
• Conservative Chief Pierre Poilievre is proposing an identical however deeper minimize to 12.75 per cent for the bottom tax bracket.
• Carney has promised to chop the GST on first-time homebuyers for all properties beneath $1 million.
• Poilievre would minimize the GST on all new properties beneath $1.3 million.
• Carney has already eliminated the buyer carbon tax, however plans to take care of the commercial carbon tax.
• Poilievre would take away the commercial carbon tax.