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OTTAWA — The Liberals are moving forward with their signature election promise of a broad-based income tax cut, introducing a motion in parliament that will gradually increase the personal income tax exemption for all but the wealthiest Canadians.

It marks their first policy move in the House of Commons since the election — and the first test of how they’ll negotiate the new minority parliament situation, as the NDP look to redirect some of the money towards dental care.

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Finance Minister Bill Morneau announced the move on Monday, giving notice of a motion to raise the Basic Personal Amount — the amount of income you can earn before paying taxes — to $15,000 by 2023. The benefit will be reduced for those earning more than $150,473, and fully phased out for those in the top bracket (earning above $214,368).

The government estimates 20 million Canadians will benefit from the move, including a further 1.1 million who won’t pay any federal income tax. When fully implemented, individuals will save $300 per year on average and families $600 per year. It will cost the federal treasury $3 billion in the 2020/21 fiscal year, rising to $6 billion when fully phased in.