Minister Wilkinson Highlights Government’s Tax Break for All Canadians and New Working Canadians Benefit
Ottawa, Ontario – November 22, 2024 – The Honourable Jonathan Wilkinson, Minister of National Revenue, today announced a new tax break for all Canadians and the introduction of a new Working Canadians Benefit.
Tax Break for All Canadians
The new tax break will provide a one-time payment of $500 to all Canadian tax filers in 2025. This payment is intended to help Canadians cope with the rising cost of living and will be taxable.
Working Canadians Benefit
The Working Canadians Benefit is a new refundable tax credit that will provide up to $1,200 to low- and middle-income working Canadians. This benefit will be available to Canadians who earn less than $50,000 per year.
The Working Canadians Benefit will be paid out through the tax system and will be available to Canadians starting in 2025.
Other Measures
In addition to these two measures, the government is also introducing a number of other measures to help Canadians, including:
- Increasing the Canada Child Benefit by 10%
- Doubling the GST/HST credit for low- and middle-income Canadians
- Providing a one-time payment of $500 to all seniors who receive Old Age Security
Quotes
“These measures will provide much-needed relief to Canadians who are struggling with the rising cost of living,” said Minister Wilkinson. “We are committed to making life more affordable for all Canadians.”
Background
The government has been working to make life more affordable for Canadians since taking office in 2015. In the past two years, the government has introduced a number of measures to help Canadians, including:
- Cutting taxes for low- and middle-income Canadians
- Increasing the Canada Child Benefit
- Doubling the GST/HST credit for low- and middle-income Canadians
- Providing a one-time payment of $500 to all seniors who receive Old Age Security
Related Products
- Budget 2024
- Backgrounder on the Working Canadians Benefit
- Backgrounder on the Tax Break for All Canadians
Contacts
Media Relations Department of Finance Canada mediarelations-relationsmedias@fin.gc.ca 613-369-4000
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