Report suggests federal tax cuts will be offset by provincial hikes

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The federal tax cuts will leave less money in your pocket than you may have been expecting according to a BMO report. The bank’s economist Robert Kavcic says that about three-quarters of the tax cuts that Ottawa has announced will be swallowed up by increases in a number of provinces including Alberta, BC, Saskatchewan and Quebec. New Brunswick announces its budget Tuesday with Ontario and Atlantic Canada to come; austerity is likely to be a feature of all.

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