Canada's New Tax Cut Is Officially on — Here's How Much More Your Next Paycheque Should Have
- Canada’s new government dropped the lowest federal tax rate to 14% on July 1, with the CRA updating payroll tables to implement the change.
- In May, Canada’s newly-elected government proposed tax cuts aimed at lowering living costs, which were subsequently implemented on July 1 to provide immediate financial relief.
- Analysis indicates nearly 22 million Canadians benefit, with up to $420 per person and a 14.5% rate in 2025 before dropping to 14%.
- Employers began withholding less tax, adding roughly $206 per person over 13 pay periods, providing immediate financial relief for Canadians.
- Beyond immediate relief, the $27 billion savings over five years may encourage provinces to consider their own tax revisions, influenced by Carney's initiative signaling a shift in fiscal policy.
11 Articles
11 Articles
Canada's new tax cut is officially on — Here's how much more your next paycheque should have
Canada's new income tax cut is officially here — and it could already mean a little more cash in your next paycheque. As of July 1, the federal government has dropped the personal income tax rate for the lowest bracket from 15% to 14%, a move that the Canada Revenue Agency is already rolling out in its updated payroll deduction tables. If you're earning income in Canada, especially in a middle-class tax bracket, there's a good chance you're going
Ottawa Wastes no Time Delivering Tax Relief, Saving Families Up to $840 a Year
Ottawa — Millions of Canadians are set to see more take-home pay starting July 1 as the federal government’s promised middle-class tax cut comes into effect. Prime Minister Mark Carney confirmed Sunday that the new tax measure will save a two-income household up to $840 a year and provide relief to 22 million Canadians. The change reflects a campaign pledge to ease cost-of-living pressures. “Canada’s new government has a mandate for change, incl…
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