US & Canada tax updates
Tax season's still here: Canada's 2026 tax brackets and credits have shifted [https://www.bnnbloomberg.ca/investing/personal-finance/2026/03/13/canada-tax-brackets-2026-whats-changed-and-how-to-pay-less/], and a new Georgia bill proposes lower income tax rates with expanded exemptions [https://www.marca.com/en/lifestyle/us-news/personal-finance/2026/03/12/69b2a4afe2704e6b4d8b45b2.html]. The IRS is offering up to $2,000 per child for qualifying filers [https://www.marca.com/en/lifestyle/us-news/personal-finance/2026/03/12/69b2e4c6268e3efb0f8b45b8.html].
In Canada, federal income tax bracket thresholds have increased by 2% across all brackets to account for inflation. This adjustment delivers modest savings for most Canadians. The lowest federal income tax bracket sees a rate of 14% on earnings up to $58,523. Georgia's House and Senate are considering bills to reduce the state income tax rate to 3.99%. The House proposes increasing the standard deduction to $18,000 for single filers over the next decade. However, some argue the tax cut disproportionately benefits the wealthy. For the 2026 tax year, the IRS offers a child tax credit of up to $2,200 per qualifying child. A maximum refundable portion of $1,700 is available through the Additional Child Tax Credit. To claim the CTC, the child and at least one parent must have a Social Security number.
