40 h. ago What to know — and what isn’t known yet — about US tax deductions for tips and overtime pay

Millions of U.S. workers who earn tips and overtime pay may be eligible for a federal tax break when they file their 2025 income taxes next year. But which workers will qualify for the new deductions is among the details the government has to work out after President Donald Trump’s signature spending and policy package […]

Economics

4 d. ago Some Canadians will get bigger payouts from the government this week

Canadians who are eligible for the Advanced Canada Workers Benefit (ACWB) will get larger payments from the government starting this week.The ACWB is an advanced payment of the Canada Workers Benefit (CWB), a refundable tax credit that eligible individuals can claim on their tax return.The benefit is supposed to help individuals and families who are working and earning a lower income.Canadians who are eligible for the CWB on their tax return will get advanced payments of up to 50 per cent of the CWB through the ACWB. These are paid out automatically three times throughout the year.The federal government usually deposits the money into bank accounts on the 12th, but since it falls on a Saturday in July, the next payment is scheduled for Friday, July 11.You are eligible if:You're over 19 years old on December 31, or live with a spouse or common-law partner or your child,You're a resident of Canada throughout the year, andYou're working but earning less than the&n...

Politics

6 d. ago Elon Musk says he’s formed new ‘America Party.’ What to know

The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the Tesla CEO firmly opposed.

Culture

9 d. ago Letters July 2, 2025: ‘Separating is a little more complicated than many think.’

Not so fast I need every Albertan to hear me when I say, federal income tax and transfer payments to the government are THE SAME THING. The province of Alberta does NOT sit down at the end of the year and write a cheque to the federal government. That’s not a thing. It’s not. Like […]

Other

2 w. ago Almost 22 million Canadians getting income tax cut next week

Canada is set to move forward with its proposed middle-class income tax cut on Tuesday.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 measure would reduce the tax rate that is applied to the first $57,375 of an individual's taxable income in 2025, regardless of their income level.A majority of the tax relief will go to Canadians in the two lowest tax brackets (those with taxable income under $114,750 in 2025), including nearly half to those in the first bracket ($57,375 and below in 2025).Ottawa says the maximum tax savings will be $420 per person and $840 per couple in 2026. All in all, this is expected to deliver over $27 billion in tax savings to Canadians over five years, starting in the 2025/2026 tax year.Since the tax cut will take effect halfway t...

Economics

2 w. ago ‘Revenge Tax’ Shift Revives US Appeal for Australia Mega Funds

Australia’s A$4.1 trillion ($2.7 trillion) pension industry signaled relief over US plans to scrap the so-called “revenge tax,” which would have increased levies on income from assets of foreign investors.

Economics

2 w. ago Premier Danielle Smith to announce details surrounding promised Alberta Next panel

The panel announcement is set against voices calling for Alberta to hold a referendum to separate from Confederation.

Other

2 w. ago Senate GOP to Offer $40,000 SALT Cap With Lower Income Threshold

Senate Republicans are coming around to the $40,000 cap on state and local tax deduction key House lawmakers demand in President Donald Trump’s massive tax package, but they want to lower the income threshold.

Economics

2 w. ago Oman plans to impose personal income tax, a first among Gulf states

DUBAI, United Arab Emirates (AP) — Oman has rolled out plans to levy personal income tax as part of a broader push to move the sultanate’s economy away from reliance on hydrocarbons, the official Oman News Agency said Sunday. The move, issued by royal decree, is a first among the six-member oil-rich Gulf Cooperation Council. […]

Economics

2 w. ago Oman Plans Income Tax on Top Earners in a First for Gulf States

Oman has announced plans to impose income tax, becoming the first Gulf state to do so in an effort to broaden its sources of public revenue beyond oil.

Economics

3 w. ago Alberta's promised income tax cut is coming in July — here's what you need to know

Albertans can expect to see the province’s promised tax cut on their paycheques next month. The United Conservative Party campaigned on the income tax cut during the spring 2023 election and after two years Albertans will finally see it reflected on their paycheques starting in July. The income tax cut was introduced in Budget 2025 […]

Economics

3 w. ago Average family to save $280 per year from Liberal tax cut: PBO

OTTAWA — The average Canadian family will save $280 on their taxes next year from the Liberal government’s planned income tax cut, the parliamentary budget officer said in an analysis released on Wednesday. But some seniors and single Canadians are expected to save less, prompting criticism from Conservatives who argue the tax cut doesn’t go […]

Economics

3 w. ago Canadian families with kids will get money from the government this week

The final Canada Child Benefit payments are scheduled to be deposited into bank accounts this Friday, ahead of an increase in July.Eligible families can expect to receive Canada Child Benefit (CCB) payments on June 20. This month's payment will be the last one before the scheduled increase in July, which marks the beginning of the new benefit year.The last time the federal government increased the child tax benefit was in July 2024 when payments went up by 4.7 per cent. As a result of the increase, the maximum payment for children under six increased by $350, from $7,437 to $7,787. For children aged six to 17, payments increased by $295, from $6,275 to $6,570.To help parents with the rising cost of living, Ottawa has been using a process called indexation to increase the benefit amounts since 2018.An Employment and Social Development Canada (ESDC) spokesperson explained that, due to the indexation process, tax child benefit payments, as well as income thresholds, increase every ...

Politics

3 w. ago Le député Kurek démissionne pour ouvrir la voie à une partielle pour Poilievre

Le député albertain avait promis de céder son siège dans la circonscription de Battle River—Crowfoot.

Society

3 w. ago Harvard Wins Reprieve, SALT Stalls: Tax Bill Winners and Losers

US businesses and wealthy universities scored major wins in the Senate Republicans’ version of President Donald Trump’s tax bill, while low-income Americans and clean energy providers are poised to be hit the hardest.

Economics

3 w. ago Some Canadians receiving increased GST credit payments next month

Some Canadians can expect to receive an increase in GST credit payments from the federal government soon.The Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit is a tax-free quarterly payment, but this time it will include a 2.7 per cent increase.According to the government, the credit payment aims to help families with low and modest incomes offset the taxes they pay.If you’re eligible, you'll see the new amount in your bank account on Friday, July 4.Who's eligible for the payment?The government says you're generally eligible for the payment if you're at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment at the beginning of the month.If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period:You have (or had) a spouse or common-law partnerYou are (or were) a parent and live (or...

Economics