Canada unveils tax relief for middle class. 7 top points
Prime Minister Mark Carney called it a direct response to Canadians' demand for change. In a post on X (formerly Twitter), Carney wrote, "Canada's new cabinet met for the first time this morning. One of our first orders of business: a tax cut for the middle class. Starting July 1, hard-working Canadians will keep more of their pay-cheques."He added, "Last month, Canadians called for change to bring down the cost of living and to put money back in their pockets. My government will be delivering that change—cutting taxes for the middle class and saving families up to USD 840 a year."advertisementMeanwhile, Canadian Finance Minister Francois-Philippe Champagne noted that this tax cut comes at a time as many families continue to face economic challenges. "Every Canadian should be able to afford necessities, feel secure, and get ahead financially—and this tax cut will help them do just that," he said."As Canadians continue to feel the impact of ongoing challenges, including trade and tariff uncertainties, they should be able to keep more of what they earn to help build a stronger future and a more resilient Canada."WHO WILL BENEFIT FROM THE TAX CUT?According to the Department of Finance, nearly 22 million Canadians will be benefited by the reduction in rates. Two-income families might save as much as USD 840 per year by 2026. The tax cut is aimed at encouraging low- and middle-income individuals and families.The Canada Revenue Agency (CRA) will modify its tables for tax deductions so that employees will notice lower withholdings in their paycheques starting in July 2025. Those who do not notice changes right away will reap the benefits when they file their 2025 tax returns in spring 2026.KEY POINTS FOR TAX PAYERSTax rate reduced: The lowest personal income tax rate drops from 15% to 14%, effective July 1, 2025.Tax rate for 2025: Since the cut starts mid-year, the average rate for 2025 will be 14.5%.Benefit amount: Two-income households could save up to USD 840 per year by 2026.Who qualifies: The relief targets people earning under USD 114,750, especially those earning below USD 57,375 in 2025.Who will benefit: About 22 million Canadians are expected to benefit.CRA changes: Tax withholdings on pay-cheques will be reduced starting July 1, 2025, to reflect the new rate.Total relief: The plan is expected to provide USD 27 billion in tax savings over five years.Earlier, Champagne also said that the new Liberal government will table an economic update later in the year, implying it will not present an annual budget in the near term.
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Time of India
27 minutes ago
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