91.5 FM
91.5 HD2
8.85 c91.5 FM
91.5 HD2
Income tax cut for middle class to take effect tomorrow: Mark Carney
BY Connect Newsroom, Jun 30, 2025 7:20 PM - REPORT AN ERROR
PM Carney had promised this during the election campaign and said after the election that this cut would be implemented from Canada Day. (Photo - The Canadian Press)
Prime Minister Mark Carney has announced that income tax cuts for the middle class will take effect tomorrow. The government has reduced the lowest personal income tax rate from 15 to 14 per cent. According to the Carney government's estimates, 22 million Canadians will benefit from this.
PM Carney had promised this during the election campaign and said after the election that this cut would be implemented from Canada Day. This tax cut will apply to the two lowest tax brackets, the first whose taxable income in 2025 is up to $114,750 and the second whose income will be up to $57,375 in the first bracket.
According to the government, there will be a maximum saving of $420 per individual and $840 per couple when filing a return in 2026. This cut will cost the government $27 billion in personal income tax revenue over the five years starting in the 2025-26 fiscal year.
Share on
Related News
Sign up for the newsletter
We'll deliver best of entertainment right into your inboxWe love to hear from our listeners, so feel free to send us message
Message us on whatsapp
