Overview

• The parliamentary budget officer’s analysis shows dual-income couples with a child in the second tax bracket will save about $750 annually.
• Singles and retirees stand to save significantly less than the $280 average under the new tax rate.
• Prime Minister Mark Carney’s spring campaign originally pledged up to $825 in yearly relief for dual-income households.
• The cut extends to roughly 22 million Canadians and follows a ways and means motion tabled last month.
• Full enactment depends on Parliament approving the implementing legislation before the July 1 start date.