June 30, 2025
Ottawa, Ontario
Today, the Prime Minister, Mark Carney, spoke with the President of Egypt, Abdel Fattah el-Sisi.
Prime Minister Carney and President el-Sisi underscored the economic and cultural ties between Canada and Egypt, and emphasized opportunities to deepen trade, commerce, and investment.
The leaders discussed the situation in the Middle East and stressed the imperative of a ceasefire in Gaza. The Prime Minister reiterated that Hamas must release all hostages and have no future role in the governance of Gaza. He called for urgent, life-saving humanitarian aid to reach civilians and affirmed Canada’s support for a two-state solution.
The Prime Minister and the President agreed to remain in contact.
Associated Link
June 30, 2025
Ottawa, Ontario
In the election, Canadians called for change to bring down costs and put more money in their pockets. Canada’s new government promised to deliver this change, starting with a middle-class tax cut on Canada Day.
Today, the Prime Minister, Mark Carney, announced that as of tomorrow, July 1, the government’s middle-class tax cut will be in effect. This tax cut will save a two-income family up to $840 a year and generate tax savings for 22 million Canadians. By reducing income taxes, Canadians can keep more of their paycheques to spend where it matters most.
The government is focused on bringing down costs, keeping communities safe, diversifying trade, and building one Canadian economy – the strongest in the G7.
Quotes
“Canada’s new government has a mandate for change, including cutting taxes for the middle class and bringing down costs. With our middle-class tax cut in effect tomorrow, families will save up to $840 and keep more of what they earn.”
— The Rt. Hon. Mark Carney, Prime Minister of Canada
“Starting tomorrow, Canadians will keep more of their hard-earned money thanks to our middle-class tax cut. At a time when global uncertainty continues to affect household budgets, we’re making life more affordable and supporting the financial security of families across the country. This is about fairness – and about building a stronger economy that works for everyone.”
— The Hon. François-Philippe Champagne, Minister of Finance and National Revenue
Quick Facts
- Income is reported and tax is calculated on an annual basis. To reflect a one-percentage-point cut in the lowest tax rate coming into effect halfway through the year, the full-year tax rate for 2025 will be 14.5 per cent and the full-year rate for 2026 and future tax years will be 14 per cent.
- The Canada Revenue Agency has updated its source deduction tables for the July to December 2025 period so that pay administrators are able to reduce tax withholdings as of July 1. This means that, effective July 1, individuals with employment income and other income subject to source deductions can have tax withheld at 14 per cent. Otherwise, individuals will realize this tax relief when they file their 2025 tax returns in spring 2026.
- The bulk of tax relief will go to those with incomes in the two lowest tax brackets (i.e., those with taxable income under $114,750 in 2025), including nearly half to those in the first bracket ($57,375 and below in 2025).
- The rate applying to most non-refundable tax credits will continue to be the same as the lowest personal income tax rate.
