Minister Anandasangaree Announces Tax Break for Canadians, Working Canadians Benefit
Dec. 15, 2024
OTTAWA, ON – The Minister of National Revenue, Chrystia Freeland, today announced a new tax break for all Canadians and a new Working Canadians Benefit.
Tax Break for Canadians
The new tax break will provide a non-refundable tax credit of up to $1,000 per year for all Canadians. The credit will be available to individuals who are 18 years of age or older and who have a valid Social Insurance Number.
The credit will be phased in over two years, starting in 2025. In 2025, the credit will be $500 per year. In 2026, the credit will increase to $1,000 per year.
The credit will be available to all Canadians, regardless of their income or filing status. The credit will be claimed on the individual’s annual tax return.
Working Canadians Benefit
The new Working Canadians Benefit will provide a refundable tax credit of up to $500 per year for low- and middle-income working Canadians. The credit will be available to individuals who are 18 years of age or older, who have a valid Social Insurance Number, and who meet certain income requirements.
The income threshold for the Working Canadians Benefit will be $30,000. The credit will be phased out for individuals who earn more than $30,000.
The Working Canadians Benefit will be available to all eligible individuals, regardless of their filing status. The credit will be claimed on the individual’s annual tax return.
Quotes
“These measures will provide much-needed relief to Canadians and help to make life more affordable for working families,” said Minister Anandasangaree. “The tax break will put money back in the pockets of all Canadians, and the Working Canadians Benefit will help to ensure that low- and middle-income working Canadians have the support they need to succeed.”
Additional Information
The new tax break and Working Canadians Benefit will be implemented through legislative amendments to the Income Tax Act. The amendments will be introduced in the coming weeks.
For more information on the new tax break and Working Canadians Benefit, please visit the Canada Revenue Agency website at www.canada.ca/revenue-agency.
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