Canada Parliament Announces Royal Assent to Law on Various Tax Relief Measures

The Canadian Parliament March 12 announced same day royal assent to Law No. C-4, on various tax measures. The law includes measures: 1) reducing, to 14.5 percent, from 15 percent, in 2025, the individual income tax rate for the lowest tax bracket, and to 14 percent, from 14.5 percent, in 2026 and subsequent years, for income up to C$57,375 (US$41,783); 2) increasing individual income tax bracket thresholds for 2025 and subsequent years, with income between C$57,375 and C$114,750 (US$83,568) subject to the 20.5 percent rate, income between C$114,750 and C$177,882 (US$129,544) subject to the 26 percent rate, income between C$177,882 ...