The Conservative Party unveiled their newest campaign pledge on Sunday —a tax cut for the middle class that could save you hundreds of dollars per year.
According to the party, if elected, a Scheer government would cut the tax rate on all income earned from $12,069-$47,630 to 13.75 percent from 15 percent.
With the rate focusing on the under $47,630 dollar bracket, the benefits should apply to low-income Canadians as well those who are approaching the median line for salary. The current average Canadian earns roughly $55,000, while most working minimum wage positions earn about 27,000 according to Statistics Canada.
“We’re going to deliver a tax cut targeted specifically at taxpayers in the lowest-income tax bracket. This means that every Canadian will see their income taxes go down and those in the lowest tax bracket see the biggest benefit of all,” Scheer said at a campaign stop in Surrey, B.C.
Of course, those earning more will see the benefit as well through an overall reduced rate.
How much can you save?
The average single taxpayer will save roughly $444 a year, according to the Conservative Party.
This would mean the average two-income family would save close to $850 a year.