US EditionCanada's New Tax Cut Is Officially on — Here's How Much More Your Next Paycheque Should Have
- Canada’s federal government implemented a middle-class tax cut on July 1, 2025, lowering the lowest federal tax rate from 15% to 14%.
- The tax cut stems from public demands to reduce living costs and increase take-home pay amid high taxation and economic challenges.
- About 22 million Canadians will benefit, especially those earning under $114,750, as employers began withholding less tax starting July 1.
- Families could save up to $840 annually or about 76 cents daily, though experts warn this amount offers limited relief for low-income Canadians.
- The tax cut represents initial relief but highlights the need for broader measures, including affordable housing investments and provincial tax considerations.
10 Articles
10 Articles
Canada's new tax cut is officially on — Here's how much more your next paycheque should have
Canada's new income tax cut is officially here — and it could already mean a little more cash in your next paycheque. As of July 1, the federal government has dropped the personal income tax rate for the lowest bracket from 15% to 14%, a move that the Canada Revenue Agency is already rolling out in its updated payroll deduction tables. If you're earning income in Canada, especially in a middle-class tax bracket, there's a good chance you're going
How is investment income taxed in Canada? - MoneySense
Ask MoneySense I have a GIC and wondered what if I take out $50,000, how much income tax will I be paying? My financial advisor is not very helpful. –Louise There are tax considerations when you own investments. There may be tax owing when you sell investments. And different investment accounts have different tax implications when you take withdrawals. Asking your financial advisor about taxes I am sorry to hear your advisor has not been helpful…
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