Do you know that the provincial and federal taxes changes will be effective during 2016?

-The year 2016 has already started, so that a number of measures announced by the Liberal government gradually began to come in effect.

Then we invite you to review some of the most notorious and important changes.

The first change we would like to mention is a national measure that means that no one is exempt from its application and that affects every single resident in every Canadian province.

The measure became effective on the first of January 2016, and it relates to the electoral promise of Justin Trudeau, who proposed to cut taxes for the middle class.

The arrangement involves a reduction of income taxes to receive an annual income gap located between $ 45,282 to $ 90,563 US dollars.

The specific reduction is ranged from 22 percent to 20.5 percent.

At the same time, an increase in taxes has been applied to those persons who receive an annual income of $ 200,000 or more.

An estimated amount of 319,000 people will be affected by this measure. And the order of the increase will be from 29 percent to 33 percent.

Another major change corresponds to the federal limit for tax-free accounts savings.

The limit for them was reduced from $ 10,000 to $ 5500 dollars. Finally these will be indexed to inflation, as part of the new budget of the Liberals.

Now in the specific case of the Alberta Province, the most notorious amendment corresponds to the application of tougher distracted driving penalties. You should know that the amendment came into force on the first of January 2016.

The new law provides that the capture of these drivers, basically those who are caught with a mobile phone while driving, they will face a fine of $ 287.00 dollars and a maximum penalty of three demerit points apply to the suspension of driver's license.

Regarding the other provinces, the following changes are most important.

Montreal

Taxi drivers will have to comply with a dress code according to a new law passed by the city council.

Taxi drivers must wear dark pants or shorts and a white shirt at working hours.

The dress code is part of Montreal's efforts to highlight the professionalism of its licensed employees who recently have faced stiff competition because of the low prices offered by driver’s unregulated company "Uber".

Ontario

Good news for its residents because of the tax break that applies to the purchase of winter tires.

Another reform in the same province relates to controlled pedestrian crosswalks, this new regulation is intended to provide the entire width of the street for pedestrians, rather than just half of it as it was under the previous law.

In simple terms, this means that the driver of a vehicle in front of an authorized pedestrian crossing should expect the pedestrian to completely cross the street and get on the sidewalk before it can start moving the vehicle again.

Those drivers who are caught without respecting the new law are exposed to a fine of $ 150.00 - $ 500.00 dollars.

New Brunswick

Back in October 2015 menthol cigarettes were banned across Canada due to its great influence on the consumption of tobacco among young people.

The province of New Brunswick has extended this measure, so that has prohibited the marketing of cigarettes with any other variety of flavour.

Similarly, the new policy has banned the sale of electronic cigarettes.

Manitoba

Expanding access to worker's compensation for PTSD.

This means that the province will recognize the "PTSD" as a work-related disease, where employees diagnosed with PTSD will have access to coverage of the Workers Compensation Board.

The new legislation extends to all workers in the province, so the nurses and retail employees will be allowed to look for the same coverage as firefighters and rescuers.

-Finally, a modification took effect quickly and it affects every province related to the "Down Payment for first-time buyers of properties".

The measure will take effect from the day of February 15, 2016, and intends to increase the initial down payment rate from 5% to 10% for those purchasers of a property value of $ 500,000 dollars or more.

The main objective of the reform is to try to protect the real estate market, for the implementation of the new values where property prices should stabilize and do not continue to increase.

As you can see the economic environment promises to be quite dynamic, with a fluctuating economy, so try to plan a good strategy of saving and investing for this advertised: "austere 2016".