Gov Lowkey Bout to Drop Some Coin on Fam in Canada 💸🇨🇦
Feds promise tax cut that could save some Canadian families up to $840 a year. Ayo, the feds in Canada just said they're gonna cut taxes for the middle class, starting July 1st. Could save some two-income families up to $840 a year by 2026. It's gonna cost the government a grip, but they're tryna
TL:DR
Ayo, the feds in Canada just said they're gonna cut taxes for the middle class, starting July 1st. Could save some two-income families up to $840 a year by 2026. It's gonna cost the government a grip, but they're tryna help everyone out.
The Deets
Okay, so listen up, fam. The Canadian government is like, "We heard you, the cost of living is sus." So, they're rolling out a tax cut aimed at middle-class families. Basically, they're dropping the lowest income tax rate from 15% to 14% starting July 1st.
What's that mean for you? Well, if you're in a two-income household, you could be saving up to $840 a year by 2026. That's a W, no cap.
Now, this ain't cheap for the government. We're talking over $27 billion in tax savings over five years. They promised this during the election, and they're tryna keep it 100, starting this session of Parliament. The goal? To make life a little less stressful on the wallet and put some extra bread back in your pockets.
Abbreviations Glossary
| Abbreviation | Full Form |
|---|---|
| Sus | Suspicious, questionable. |
| W | Win. |
| No cap | For real, no lie. |
| Keeping it 100 | Being authentic, genuine. |
| Bread | Money. |