Ministers Ien and Ng Announce Tax Break for Canadians, New Working Canadians Benefit
Ottawa, ON – December 15, 2024 – The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development, and the Honourable Rachel Bendayan, Minister of Employment, Workforce Development and Disability Inclusion, today announced new measures to make life more affordable for Canadians.
Tax Break for All Canadians
The government is introducing a new tax break for all Canadians that will provide up to $2,000 in tax savings for individuals and up to $4,000 for families. The tax break will be available to all Canadians earning less than $120,000 per year, and will be phased out for those earning more.
This tax break will help Canadians with the rising cost of living and will provide much-needed relief to families.
New Working Canadians Benefit
The government is also introducing a new Working Canadians Benefit, which will provide up to $1,200 per year to low-income working Canadians. The benefit will be available to individuals earning less than $30,000 per year, and will be phased out for those earning more.
This benefit will help low-income working Canadians make ends meet and will encourage them to stay in the workforce.
Quotes
“These new measures will help Canadians with the rising cost of living and will make life more affordable for families,” said Minister Freeland. “Our government is committed to making sure that all Canadians have a fair chance to succeed.”
“The Working Canadians Benefit will help low-income working Canadians make ends meet and will encourage them to stay in the workforce,” said Minister Hussen. “We know that helping Canadians succeed in the workforce is essential to building a stronger and more inclusive economy.”
“These measures are a key part of our government’s plan to make life more affordable for Canadians,” said Minister Bendayan. “We are committed to helping Canadians succeed in the workforce and to building a more prosperous future for everyone.”
Background
The new tax break and Working Canadians Benefit will be introduced in the 2025 federal budget. The measures will be phased in over the next two years and will cost the government approximately $5 billion per year.
The government is also working on a number of other initiatives to make life more affordable for Canadians, including:
- Increasing the Canada Child Benefit by $1,000 per child per year
- Expanding the GST/HST credit
- Introducing a new Canada Housing Benefit
- Investing in affordable housing
These measures are part of the government’s commitment to building a more inclusive and prosperous Canada for all.
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