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Lower taxes, new RRSP rules and new annuities among 2020 personal finance changes for Canadians | Financial Post

OTTAWA — Federal tax changes coming into effect Jan. 1 will lower taxes for most Canadians and also impact retirees, recently separated individuals who want to use their retirement savings to buy a home and digital news consumers.

The basic amount most Canadians can earn tax-free is going up on Jan. 1, resulting in slightly lower federal income taxes.

The increase in the basic personal amount was promised by the Liberals during the federal election campaign and is being phased in over four years until it reaches $15,000 in 2023.

For this year, the exemption amount will increase from $12,069 to $13,229. That will result in federal income tax savings of $113 in Quebec and $138 in the rest of Canada, according to the Canadian Taxpayers Federation.

The benefit will be lower for anyone earning more than $150,473 during the year and will be reduced to zero for Canadians with incomes above $214,368.

The tax cut will also be offset on individual paycheques by an increase in Canada Pension Plan premiums of up to $97, the CTF calculated. At the same time, employment insurance premiums will decrease, producing savings of about $20 for workers outside of Quebec, where the EI premium benefit will add up to $48 for some individuals.

Overall, residents of Ontario and Quebec earning less than $100,000 annually will see net savings of between $55 and $116, the federation estimated.

Also effective Jan. 1, Canadians experiencing a breakdown in their marriage or common-law partnership can qualify to withdraw money from their registered retirement savings plan, without incurring a tax penalty, to buy a home.

The Finance Department said in a statement that individuals who make a withdrawal in the year a breakup occurs, or in the four preceding calendar years, can access the Home Buyers’ Plan (HBP), even if they are not a first-time home buyer.

The HBP allows first-time home buyers to withdraw up to $35,000 from an RRSP to put toward a down payment on a home without having to pay tax on the withdrawal.

Among the other federal tax changes coming into effect:

Canadians who pay up to $500 for digital news subscriptions can apply for a $75 tax credit.

Certain journalism organizations operating as not-for-profits will be allowed to register to receive donations from Canadians who can claim the amount for a charitable donation tax credit. Businesses donating money can also apply for tax savings.

Two new types of annuities are being permitted under the tax rules for certain registered plans to provide Canadians with greater flexibility in managing their retirement savings.

And, the federal carbon tax is being implemented in Alberta. The $20 per tonne charge for carbon emissions will add to the cost of gasoline, diesel and heating fuels in the province. Albertans had been paying a provincial carbon tax until it was abolished by the United Conservative government less than two months after the party won the Alberta election in the spring. Canadians in other provinces are already paying some form of carbon tax.

This content was originally published here.

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5 Punk Fashion Trends That Are Officially Canceled After My Mom Complimented Them

Over the past few years we’ve called out, canceled, impeached, and even jailed some of America’s most toxic and evil people but we still have a long way to go! As punks, we feel it’s time to finally address the greatest injustice in this fucked up country—the unconditional love and support we all receive from our parents.

It makes us sick that such a blatant act of defiance like ripping sleeves off a denim vest can be considered “aw, cute!” So when our mom said that it made us so angry we wanted to literally throw up the Chipotle we bought with her money. Here are 5 punk fashion trends that somehow piqued our mother’s bourgeoisie interests and are officially canceled:

1. Doc Martens – Seriously, why do we even still see poser losers leaving their house with such basic bullshit like Doc Martens. Everyone and their mother has a pair! Specifically our mother. Mom showed genuine interest in their “durability” and “practicality” for “outdoor activities,” and now they’re all she wears! Doc Martens used to stand for rebellion. We used to wear them and feel cool. Now we wear them and feel mildly uncomfortable and a little bit damp. We sure hope she doesn’t hear about Vans on NPR or something or we’ll have to resort to wearing our old flip flops to shows.

2. Sleeveless Vests – What kind of self-respecting, standard, functioning member of society rips the sleeves off of their own denim vests? None! That’s why punks do it. Well, not anymore! Not since our mom decided that it was a “really neat idea” since the venues she drops us off at tend to get “just a smidge stuffy.” We didn’t do it to be neat! We did it to anger you, mom! And it’ll be a cold day in Hell before we ask for your help while we sew the sleeves back on. God, parents ruin everything!

3. Safety Pins – Honestly, we’re surprised she didn’t ruin these sooner. We can’t even begin to describe the horror we felt after our mother smiled and willingly gave us a safety pin when we asked for one on our outfit. We even had a whole snarky response prepared for her confusion and her inability to understand our anarchist tendencies after she refused to give use one. But of course mom had the fucking nerve to hand it to us without a single questions. She just smiled and said, “that sounds fun, be careful not to poke yourself!” Anyone wearing safety pins on their clothing is dangerous, mom! We live on the fucking edge. Well now safety pins are canceled! Anyone wearing them is unwelcome in my circle of trust.

4. Hair Dye in the Following Colors: Blue, Dark Blue, Pink, Orange – People aren’t born with blue hair. The very sight of it should enrage a domesticated, property-owning commoner with simple tastes, but no! Blue is also our mom’s favorite color and apparently it “looks so good on you! You’re so unique!” Fucking UGH. It’s on our head, mom! It doesn’t go there! It’s as if any color we choose for our hair is acceptable and valid in our mother’s eyes and no matter what she will support our appearance. I’m running away.

5. Anything involved with the ’80s –  It has recently been brought to our attention that our mother grew up in the ’80s and, honestly, she hasn’t taken an interest in our love of ’80s retro shit so this is entirely preemptive. Fucking Stranger Things.

This content was originally published here.