US EditionAverage family to save $280 per year from Liberal tax cut: PBO
- The federal government will implement a one-percentage-point cut to the lowest income tax bracket starting July 1, 2025, lowering the rate to 14.5 percent.
- This cut follows a ways and means motion tabled last month after the tax reduction was promised during the spring federal election as a key campaign pledge.
- According to analysis from the parliamentary budget officer, typical Canadian households can expect tax savings of approximately $280 next year, while couples with two incomes and a child may receive tax relief closer to $750.
- Prime Minister Mark Carney suggested annual savings could reach $825 per dual-income family, but the Official Opposition criticized the measure as saving Canadians only 'mere cents a day'.
- Legislation to enact the tax cut is still before Parliament, and the budget officer says incomplete budget details prevent assessing if fiscal targets will be met despite the plan's estimated $64 billion five-year cost.
13 Articles
13 Articles
Flin Flon Reminder
Ottawa's fiscal watchdog says it's in the dark on Ottawa's fiscal targets
OTTAWA — The parliamentary budget officer says he can't properly assess whether the federal government is on track to meet its fiscal targets because the Liberals' new budget benchmarks haven't been defined.
The Office of the Parliamentary Budget Officer estimates that the average Canadian family will save $280 on its taxes next year as a result of the tax cut anticipated by the Liberal government.
Feds’ Tax Cut to Save Average Filer Less Than $200 per Year: Budget Watchdog
The federal government’s legislation reducing the lowest personal income tax rate to 14 percent will save the average taxpayer $190 annually from 2026 to 2028, according to the Parliamentary Budget Office (PBO). The Liberal government recently introduced legislation providing an income tax cut for Canadians, saying it would save a two-income family up to $840 a year starting next year. The lowest tax rate will be reduced from 15 percent to 14 pe…
Tax relief ahead: Canadians set to save with Liberal income tax cut
The parliamentary budget officer says the average Canadian family will save about $280 on taxes next year due to the Liberal government’s planned income tax cut. The one-percentage-point reduction to the bottom tax bracket was a key promise during the spring federal election. Prime Minister Mark Carney suggested families could save up to $825 annually. However, the budget officer’s analysis shows most families will see smaller savings. Dual-inco…
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