The federal government will deliver tax relief to Canadians by reducing the lowest marginal personal income tax rate from 15 per cent to 14 per cent, effective July 1. According to Finance Canada, nearly 22 million Canadians are expected to benefit from the income tax cut. The rate applying to most non-refundable tax credits will remain the same as the lowest personal income tax rate. "Otherwise, individuals will realize this tax relief when they file their 2025 tax returns in Spring 2026." The House of Commons voted unanimously in favour of the Liberals' proposed income tax cut earlier this month.