Middle-class tax cut: Carney signs order to prioritize promise
- On May 14, Prime Minister Mark Carney formally endorsed an initiative to prioritize implementing a middle-class tax reduction nationwide by July 1, 2025.
- Carney campaigned on lowering the personal income tax rate by one per cent, and the government plans to introduce related legislation soon after Parliament returns May 26.
- The tax cut will reduce the lowest federal tax rate from 15 to 14 per cent, benefiting roughly 22 million Canadians and saving two-income families up to $840 annually.
- Finance Minister François-Philippe Champagne emphasized that implementing the tax cut is the government’s top priority and highlighted that this action clearly demonstrates their commitment to Canadians.
- The minority Liberal government must secure support from opposition parties to pass the tax cut, while critics including Conservative leader Pierre Poilievre express concerns about delayed fiscal plans.
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Middle-class tax cut: Carney signs order to prioritize promise
Prime Minister Mark Carney signed a symbolic order signalling his government will prioritize passing his promised middle-class tax cut, following the first in-person meeting of his cabinet on Parliament Hill Wednesday.
·Canada
Read Full ArticleGovernment of Canada delivering middle class tax cut
Ottawa – Last month, Canadians called for a serious plan for change to address the rising cost of living that has eroded Canadians’ quality of life. Change that puts more money in the pockets of Canadians. Change that builds a more affordable Canada. The government is delivering that change. The Minister of Finance and National Revenue, François-Philippe Champagne, today announced ...
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