Carney Delays Canada Budget, Plans to Cut Income Tax by July (1)

Canada 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.

“We are setting the stage for economic growth by helping hard-working Canadians keep more of their paychecks to spend on the priorities that matter most to them,” Finance Minister François-Philippe Champagne said in a news release.

Speaking to reporters Wednesday, Champagne said the government doesn’t plan ...