Canadian government to announce massive tax cuts

 

 

Canadian government to announce massive tax cuts. The government is planning a tax cut that could save the average family up to $840 a year. It is expected to benefit about 22 million Canadians.

We came to power with a promise to lower the cost of living and build an economy that works for all. We are delivering on that promise. Our priority this session of Parliament is to announce a tax cut that will benefit 22 million Canadians, Prime Minister Mark Carney said in a statement. If implemented, the minimum personal income tax rate will be reduced from 15 per cent to 14 per cent. It will be implemented in a way that will be implemented from July 1, 2025. This is expected to provide Canadians with more than $27 billion in tax relief over the next five years. Tax breaks will help Canadians spend or invest more of their paychecks on other important things. But some experts say the measure is not enough to address the crisis caused by the high cost of living. They say the federal government needs to increase benefits and credits to do so.