OTTAWA - A watchdog group says higher employment insurance and Canada Pension Plan payments will wipe out skimpy tax cuts for many Canadians in 2009.
The Canadian Taxpayers Federation says workers earning more than $43,000 will pay an extra $188 in payroll taxes.
That's enough to eclipse the $39 most taxpayers will save thanks to a small increase in basic personal exemptions for income tax.
The federation says EI premiums should be falling -- not rising -- after years of 'massive' overpayments by workers.
One bright spot?
Adults with extra cash can put up to $5,000 in a new Tax-Free Savings Account starting in January.
