The past few years have been challenging. It feels like the price of everything has gone up. And while inflation is cooling and interest rates are dropping, we know that Canadians aren’t feeling that in their household budgets yet.
Our government can’t set prices at the checkout, but we can give Canadians more money in their pocket – to help them afford the things they need and save for the things they want.
“We are encouraging all Parliamentarians and all parties to get this legislation passed quickly and unanimously so Canadian get more money in their pocket.” Said Sonia Sidhu.
Starting December 14, 2024, we’re giving a tax break to all Canadians. With a GST/HST exemption across the country, Canadians will be able to buy essentials like groceries, snacks, and kids clothing – all tax-free.
This new tax break will apply to:
This tax break is projected to last until February 15, 2025. By making essentially all food GST/HST free, this will deliver meaningful savings for Canadians, with real relief at the cash registers.
Working Canadians will also get some cash back, with a new Working Canadians Rebate. That means Canadians who worked in 2023 and earned up to $150,000 will see a $250 cheque in their bank account or mailbox, starting early spring 2025. With the Working Canadians Rebate, we are putting money directly into the pockets of the middle-class – those who have worked hard to beat inflation. This will give 18.7 million Canadians that extra help to buy what they need.
Families will be spending quality time together over the coming weeks. Some will light Christmas trees and buy gifts. Some will share a meal with family and friends. Some might just make hot chocolate, order some takeout, and stay in for a movie night. With today’s announcement, we’re making life a bit easier, so Canadians have more money in their pocket for the things they want.
Quotes
“Our government can’t set prices, but we can give Canadians, and especially working Canadians, more money back in their pocket. With a tax break for all Canadians and the Working Canadians Rebate, we’re making sure you can buy the things you need and save for the things you want.” - The Rt. Hon. Justin Trudeau, Prime Minister of Canada
“The holiday season is when expenses are highest for many Canadians and their families – even with inflation back down to 2 per cent and interest rates being cut four times this year. With new tax relief on groceries and seasonal expenses and a rebate for working Canadians, we are reducing costs when they are highest for Canadians. This is about helping you celebrate with family and friends and start 2025 with a little extra money in your bank account.” - The Hon. Chrystia Freeland, Deputy Prime Minister and Minister of Finance
