The Honourable Jean-Yves Duclos Highlights Government’s Tax Break for All Canadians and New Working Canadians Benefit
November 22, 2024
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, today highlighted the Government of Canada’s tax break for all Canadians and the new Working Canadians Benefit.
Tax Break for All Canadians
The tax break will provide a one-time, non-refundable tax credit to all Canadians who file a tax return in 2024. The credit will be based on the individual’s net income and will range from $500 to $1,500.
This tax break is designed to help Canadians with the rising cost of living. It will provide immediate financial relief to individuals and families across the country.
Working Canadians Benefit
The Working Canadians Benefit is a new refundable tax credit that will help low- and middle-income working Canadians. The benefit will provide up to $1,350 per year to eligible individuals.
To be eligible for the Working Canadians Benefit, individuals must meet the following criteria:
- Be a Canadian resident
- Be 18 years of age or older
- Have earned income from employment or self-employment in the previous year
- Have a net income below a certain threshold
The Working Canadians Benefit will be available to eligible individuals starting in 2025.
Quotes
“These measures will provide immediate financial relief to Canadians and help them with the rising cost of living,” said Minister Duclos. “We are committed to making life more affordable for all Canadians.”
“The Working Canadians Benefit will help low- and middle-income working Canadians make ends meet,” said Minister Duclos. “This benefit will provide up to $1,350 per year to eligible individuals.”
Additional Information
For more information on the tax break for all Canadians, please visit the Canada Revenue Agency website. For more information on the Working Canadians Benefit, please visit the Employment and Social Development Canada website.
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