Ottawa, May 14 -- Following the unveiling of a new cabinet, Canada has announced a significant personal income tax cut as one of the government's top legislative priorities for the new parliamentary session. The proposal will see the lowest marginal personal income tax rate reduced from 15 per cent to 14 per cent, effective from July 1, 2025.

The measure is expected to benefit nearly 22 million Canadians. According to government estimates, two-income households could save up to USD 840 annually by 2026.

In a press release, Canada's Department of Finance said, "Minister of Finance and National Revenue, Francois-Philippe Champagne, today announced one of the first orders of business on the government's legislative agenda for the new sessi...