Canada's Liberal government formally introduced a parliamentary motion on Tuesday, October 27th, to implement a tax cut for the middle class. This move accelerates their economic agenda. The proposal was presented shortly after King Charles III delivered the Throne Speech in the Canadian Parliament, outlining Prime Minister Mark Carney's priorities following his recent election victory.
Carney had previously indicated that the tax cuts would be in effect before July 1st, Canada Day. The cut is estimated to cost 22 billion Canadian dollars (approximately US$16.02 billion) over four years. According to Carney, the measure should provide savings of up to 800 Canadian dollars (about US$580) per year for dual-income families.
"My government has a mandate to reduce costs. We are fulfilling that mandate by cutting taxes," Carney said in a statement.