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Canada will cut the lowest personal income tax rate to 14 per cent from 15 per cent on July 1, but Prime Minister Mark Carney’s new government won’t release a budget before the summer months.
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The tax cut is expected to cost $27 billion over five years, according to a document released by the government.
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“We are setting the stage for economic growth by helping hard-working Canadians keep more of their paychecks to spend on the priorities that matter most to them,” Finance Minister François-Philippe Champagne said in a news release.
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Speaking to reporters Wednesday, Champagne said the government doesn’t plan to provide a major update on the country’s fiscal position until later this year, in the form of a fall economic statement.
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The government usually presents a budget in the first half of the year, but the House of Commons hasn’t been in session all year after Justin Trudeau resigned and was replaced by Carney, who called an election almost immediately.
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