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With the formation of a new government in Canada, the middle class relief received relief in income tax. The new government has declared the biggest announcement with his new parliamentary session. Minimum of personal income tax from July 1, 2025 will reduce 14 per cent to 14 percent. This decision would benefit about 22 million Canadian citizens. According to the Canadian government, the two-income families can save up to 840 USD (70,000) annually until the year 2026. This decision is being considered an important step towards providing relief to normal citizens between the growing cost.
Canadian Prime Minister Made Karen wrote on the social media platform X, “The new Canadian cabinet has made a tax deduction. We will now have more money from their salary.” He said that his government was fulfilling the promise to take money directly into the pockets.
Canada’s new finance and national revenue ministers, Francou-Philip Shampen, “Today’s tax deduction will help us to spend a great day to grow in important things and will give them a chance to grow financially.” He also said that this relief between the existing world trade and tariff uncertainties.
Understanding so much savings to 2026
This tax deduction will help you to have a more part of their salary so that they can spend according to their needs. In five years, Canadians are expected to save more than $ 27 billion in five years in the end of 2025-26. The Canadian Prime Minister Made Caus said that the double-income family could save up to 80 US dollars from 2026 to 2026, according to government estimates.