The federal government has tabled a motion to provide a middle-class tax cut and eliminate the GST for first-time home buyers on new homes up to $1 million.
Finance Minister François-Philippe Champagne tabled the ways and means motion in Parliament following the speech from the throne on May 27. The motion will reduce the lowest marginal personal income tax rate from 15 percent to 14 percent, effective July 1.
The government said the tax cut will impact nearly 22 million Canadians, with the majority of the tax relief going to those in the two lowest income brackets, including those with taxable income under $114,750 in 2025. The government estimates the tax cut would save a two-income family up to $840 a year beginning in 2026….