Canada Passes 1% Tax Cut For Low Income

[Economy 52,848]

https://www.financialexpress.com/business/investing-abroad-canadas-big-tax-relief-for-middle-class-canadians-effective-july-1-3900672/

 

Mark Carneys Government has passed a 1% tax cut for bottom income bracket from 15% to 14%

 

Its expected to save up to $420 per year per person or $840 per couple but you need to make at least $45,000 a year to gain the full benefit

 

The Liberals tax cut is more most than the 2.75% the Conservatives proposed but less expensive

 

For people who live in Alberta taxes will drop 3% total as the Province is droping taxes from 10% to 8% for lowest bracket

[Pablo 8,582]

Thank you Canada for showing some common sense, unlike the USA 

[Gabe 2,587]

Every day I breathe a sigh of relief we got Carney lol

[Economy 52,848]

17 minutes ago, Gabe said:

Every day I breathe a sigh of relief we got Carney lol

He is raising the deficit a lot though and big time budget increases for military

 

Getting concerned what financial position well be in later...

[Economy 52,848]

@PartySick can u merge my thread? I dunno why but it posted twice

[BeyonkaAte 948]

gee.... thanks. so generous

[BeyonkaAte 948]

Just now, BeyonkaAte said:

gee.... thanks. so generous

like yeah it's a step in the right direction, but for it to have any material impact the cut needs to be more significant

[PartySick 172,533]

29 minutes ago, BeyonkaAte said:

gee.... thanks. so generous

Hey could be worse. You could have a government slashing billions from your healthcare and diverting an additional 90 billion dollars to a military police force that doesn't actually answer to the public

[BeyonkaAte 948]

27 minutes ago, PartySick said:

Hey could be worse. You could have a government slashing billions from your healthcare and diverting an additional 90 billion dollars to a military police force that doesn't actually answer to the public

in the words of poet-laureate Wendy Williams "life could be worse. no not really.... this IS the worst! This is the worst..."

[GoldenPonyboy 2,434]

3 hours ago, Economy said:

He is raising the deficit a lot though and big time budget increases for military

 

Getting concerned what financial position well be in later...

I just know hes not willing to touch housing because half the counties retirement is tied to it… but again you g people have to pay for boomers who made 10X their investments in homes

[Economy 52,848]

20 hours ago, GoldenPonyboy said:

I just know hes not willing to touch housing because half the counties retirement is tied to it… but again you g people have to pay for boomers who made 10X their investments in homes

Its just bad housing became an investment first and a place to live 2nd. It would never have gotten so expensive otherwise

 

Anyway I dont blame boomers as a whole. Most just bought a house which is totally normal and were lucky they lived thru a time when home prices appreciated so much (and to be fair the real gains as an investment are actually lower than they might appear as ppl look strictly at headline number but often disregard the costs that come with home ownership over its lifetime

 

I blame investors and obsessions with home upgrades, flipping etc and the cultural narrative that made homes about the investment rather than a place to live

 

I actually think the generation thats currently 45 to 60 (is that Gen-x?) Has been more actively a part of the problems listed above than boomers, even if boomers ended up being the biggest gainers as a result

 

But regardless of housing. I was getting at the general overspending of Canada which is concerning. He sounded more pudent and pragmatic during campaigning now hes announcing plan after plan thats gonna shoot up the deficit like crazy. Suddenly Trudeaus $40B deficits seem like peanuts

[Gabe 2,587]

On 7/4/2025 at 9:11 AM, Economy said:

He is raising the deficit a lot though and big time budget increases for military

 

Getting concerned what financial position well be in later...

I'm not mad at the deficit increase and military spending though as a liberal, times are changing and we should beef up our national protection (to an extent). I think now it's about securing ourselves and our economy with new allies/aka non-US. 

 

To be seen though...

[Economy 52,848]

1 hour ago, Gabe said:

I'm not mad at the deficit increase and military spending though as a liberal, times are changing and we should beef up our national protection (to an extent). I think now it's about securing ourselves and our economy with new allies/aka non-US. 

 

To be seen though...

Its a fair point about security not just whether it makes economic sense or not. The world is turning scary and alliances becoming more unreliable meaning how well u can stand on ur own 2 feet matters

 

Even so, 5% of GDP is a lot. Its more than the US currently spends relative to its economy for context. I hope things in the future stabalize and if this 5% is actually met that it isnt needed for long