Carney Delays Canada Budget, Plans to Cut Income Tax by July
Mark Carney during a news conference with cabinet members after a swearing-in ceremony at Rideau Hall in Ottawa, Ontario, on May 13.
Photographer: David Kawai/BloombergCanada will cut the lowest personal income tax rate to 14% from 15% on July 1, but Prime Minister Mark Carney’s new government won’t release a budget before the summer months.
The tax cut is expected to cost C$27 billion ($19.3 billion) over five years, according to a document released by the government.