
05/17/2025
Big Tax Break Alert: Canadians to Save BIG Starting July 2025!"
Great news for Canadians! A new income tax cut announced by Prime Minister Mark Carney and the Department of Finance will put more money in your pocket starting July 1, 2025. Here’s the scoop in simple terms:
●Lower Tax Rate: The lowest personal income tax rate drops from 15% to 14%, meaning less tax on your income up to $57,375.
●Who Benefits: Nearly 22 million Canadians, especially those earning under $114,750, with almost half the savings going to those earning $57,375 or less.
●Savings: Two-income families could save up to $840 a year by 2026.
●Timeline: The cut starts mid-2025, so the tax rate for 2025 will be 14.5%, then fully 14% from 2026 onward.
●How You’ll See It: Less tax will be taken from your paycheck starting July 2025, or you’ll get the savings when filing your 2025 taxes in spring 2026.
●Big Impact: This is expected to deliver over $27 billion in tax relief over five years, helping you keep more of your hard-earned cash!
This tax cut aims to ease the cost-of-living crunch and help Canadians afford what matters most. Share this awesome news with your friends! 🇨🇦