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Canadian gov't announces tax cut to strengthen middle class

Xinhua, December 8, 2015 Adjust font size:

Canada announced Monday a tax-cut measure to strengthen the middle class.

The tax cut will provide some 3.4 billion Canadian dollars (25.2 billion U.S. dollars) in annual tax relief to the middle class and will benefit about 9 million Canadians (6.7 million dollars) every year.

Canadian Finance Minister Bill Morneau tabled in the House of Commons a Notice of Ways and Means Motion to reduce the 22-percent personal income tax rate to 20.5 percent.

Single individuals who benefit will see an average tax reduction of 330 Canadian dollars (244.2 dollars) every year, and couples who benefit will see an average tax reduction of 540 Canadian dollars every year.

Canada's liberal government also asked the wealthiest 1 percent of the population to contribute a little more.

All proposed tax changes will take effect on Jan. 1, 2016 and for subsequent taxation years. Endi