One of Justin Trudeau’s election promises was to lower income taxes for the middle class and raise them for the wealthy, an election promise that he has made good on. The federal income tax rate for income between $45,282 and $90,563 was cut from 22% to 20.5% and the rate for income above $200K was increased from 29% to 33%.
The actual savings or cost to you depends on a few factors, but mostly on how much you make and which province you live in. With provincial taxes added, New Brunswick stands on top with the highest marginal tax rate of 58.75%, while British Columbia is the lowest at 47.70%. Ontario falls somewhere in the middle at 53.53%.