Minister Anand and Minister Saks Highlight Government’s Tax Break for All Canadians and New Working Canadians Benefit
November 22, 2024
Ottawa, Ontario – Today, the Honourable Chrystia Freeland, Minister of Finance, the Honourable Karina Gould, Minister of Families, Children and Social Development, and the Honourable Seamus O’Regan Jr., Minister of Labour, announced a new tax break for all Canadians and a new Working Canadians Benefit.
These measures are part of the government’s plan to make life more affordable for Canadians.
Tax Break for All Canadians
The new tax break will provide a one-time payment of $500 to all Canadians who filed their 2023 taxes. This payment will be made in early 2024.
The government estimates that this tax break will benefit over 30 million Canadians and will cost approximately $15 billion.
Working Canadians Benefit
The new Working Canadians Benefit is a refundable tax credit that will provide up to $1,200 per year to low- and middle-income working Canadians. This benefit will be available to individuals who earn less than $35,000 per year.
The government estimates that this benefit will benefit over 4 million Canadians and will cost approximately $4 billion per year.
Quotes
“These measures are part of our government’s plan to make life more affordable for Canadians,” said Minister Freeland. “We know that Canadians are facing financial challenges, and these measures will provide some much-needed relief.”
“The Working Canadians Benefit will help low- and middle-income working Canadians make ends meet,” said Minister Gould. “This benefit will provide a much-needed boost to their incomes and help them provide for their families.”
“The tax break for all Canadians will provide a one-time payment of $500 to help Canadians with the rising cost of living,” said Minister O’Regan. “This payment will help Canadians pay for groceries, gas, and other essential expenses.”
Additional Information
The new tax break and Working Canadians Benefit are part of the government’s Fall Economic Statement. The Fall Economic Statement outlines the government’s plan to invest in Canadians and build a stronger economy.
For more information on the new tax break and Working Canadians Benefit, please visit the Canada Revenue Agency website.
Contact
Media Relations Department of Finance media@finance.gc.ca 613-369-4000
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