Government of Canada Introduces Tax Break for All Canadians, New Working Canadians Benefit
Ottawa, ON – November 24, 2024 – Today, the Minister of Environment and Climate Change, Steven Guilbeault, announced a new tax break for all Canadians and the introduction of the Working Canadians Benefit.
Tax Break for All Canadians
The tax break will provide a one-time payment of $500 to all Canadians aged 18 and over. The payment is intended to help offset the rising cost of living and will be tax-free.
To be eligible for the payment, Canadians must have filed their 2023 taxes by April 30, 2024. The payment will be issued in early 2025.
Working Canadians Benefit
The Working Canadians Benefit is a new refundable tax credit that will provide financial support to low- and middle-income working Canadians. The credit will be based on the individual’s income and family size.
To be eligible for the Working Canadians Benefit, individuals must meet the following criteria:
- Be employed or self-employed
- Have an income of less than $50,000 per year
- File a tax return
The amount of the benefit will vary depending on the individual’s income and family size. The maximum benefit for individuals is $1,298, while the maximum benefit for families is $2,596.
The Working Canadians Benefit will be available to eligible individuals starting in 2025.
Additional Information
The Government of Canada is also providing a number of other financial supports to Canadians, including:
- The Canada Child Benefit
- The GST/HST credit
- The Climate Action Incentive payment
For more information on the tax break for all Canadians and the Working Canadians Benefit, visit the Canada Revenue Agency website: www.canada.ca/cra
Quotes
“These measures will provide much-needed financial support to Canadians who are struggling with the rising cost of living,” said Minister Guilbeault. “We are committed to making life more affordable for all Canadians.”
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Canada All National News a new article on 2024-11-24 18:25 titled “Minister Steven Guilbeault highlights the government’s tax break for all Canadians and new Working Canadians Benefit”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
18