Minister Khera Highlights Tax Break and New Working Canadians Benefit
Ottawa, November 24, 2024 – Today, the Honourable Kamal Khera, Minister of National Revenue, announced important tax changes that will provide financial relief to all Canadians and a new benefit for working Canadians.
Tax Break for All Canadians
The government is introducing a tax break that will lower income taxes for all Canadians. The new “Canada Tax Rebate” will provide a non-refundable tax credit of up to $2,000. This credit will be available to all Canadian residents who file their 2023 tax returns.
“This tax break will help Canadians cope with the rising cost of living,” said Minister Khera. “It will put more money in the pockets of Canadians and help them make ends meet.”
Working Canadians Benefit
The government is also introducing a new “Working Canadians Benefit” (WCB) to help low- and middle-income working Canadians. The WCB will provide a tax-free benefit of up to $2,000 per year. To qualify for the WCB, individuals must:
- Be at least 19 years old
- Have worked at least 120 hours in the previous year
- Have earned between $10,000 and $70,000
The WCB will be paid out quarterly, with the first payment expected in January 2025.
Additional Measures
In addition to these tax changes, the government is also taking the following steps to support Canadians:
- Increasing the Canada Child Benefit by 10%
- Expanding the GST/HST credit
- Providing a one-time $500 housing affordability payment to low-income renters
Conclusion
“These measures are part of our government’s commitment to making life more affordable for Canadians,” said Minister Khera. “We believe that all Canadians deserve a fair chance to succeed, and these changes will help us achieve that goal.”
For more information on the Canada Tax Rebate and Working Canadians Benefit, please visit the Canada Revenue Agency website at www.canada.ca/taxes.
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