Minister Khera Announces Tax Break for All Canadians
November 22, 2024
Ottawa, ON – Minister of National Revenue, the Honourable Ahmed Hussen, today announced a significant tax break for all Canadians.
Effective January 1, 2025, the federal income tax rate will be reduced from 15% to 13%. This means that Canadians will save an average of $1,000 in taxes per year.
“This tax break will provide much-needed financial relief for families and individuals across the country,” said Minister Khera. “It will help them make ends meet, save for the future, and invest in their communities.”
The tax break is part of the government’s broader plan to reduce the cost of living for Canadians. Other measures in the plan include increasing the Canada Child Benefit, introducing a new dental care program, and providing financial support for affordable housing.
The tax break will be implemented through changes to the Income Tax Act. The changes will be included in the government’s upcoming budget bill, which is expected to be introduced in Parliament in the spring of 2025.
The tax break is expected to be welcomed by Canadians from all walks of life. It is estimated that the tax break will benefit over 30 million Canadians, including:
- Families with children
- Low- and middle-income earners
- Seniors
- Students
- People with disabilities
The tax break is expected to have a positive impact on the Canadian economy. By increasing disposable income for Canadians, the tax break will stimulate spending and investment. This will lead to increased economic growth and job creation.
The tax break is a bold and ambitious move by the government. It is a clear demonstration of the government’s commitment to helping Canadians make ends meet and build a better future for themselves and their families.
Minister Khera to announce tax break for all Canadians
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