Latest news with #DepartmentofFinanceCanada
Canada Standard
28-05-2025
- Business
- Canada Standard
Government tables a Motion to bring down costs for Canadians
Canada News Centre 27 May 2025, 23:16 GMT+10 May 27, 2025 - Ottawa, Ontario - Department of Finance Canada Today, His Majesty King Charles III delivered the Speech from the Throne - outlining the government's bold and ambitious plan for the future. Key to that plan is bringing down costs so Canadians keep more of their paycheques to spend where it matters most. To that end, the Minister of Finance and National Revenue, the Honourable Francois-Philippe Champagne, today tabled a notice of Ways and Means Motion in Parliament with proposals to: Deliver a middle class tax cut, providing tax relief for nearly 22 million Canadians and saving families up to $840. Eliminate the Goods and Services Tax (GST) for first-time home buyers on new homes valued up to $1 million, saving them up to $50,000, and lower the GST for first-time home buyers on new homes valued between $1 million and $1.5 million. Remove the consumer carbon price from law, following its cancellation, effective April 1, 2025. With these measures, we are delivering change to cut taxes, bring down costs, and put money back in the pockets of Canadians.
Canada Standard
14-05-2025
- Business
- Canada Standard
Government of Canada delivering middle class tax cut
Canada News Centre 14 May 2025, 23:12 GMT+10 May 14, 2025 - Ottawa, Ontario - Department of Finance Canada Last month, Canadians called for a serious plan for change to address the rising cost of living that has eroded Canadians' quality of life. Change that puts more money in the pockets of Canadians. Change that builds a more affordable Canada. The government is delivering that change. The Minister of Finance and National Revenue, the Honourable Francois-Philippe Champagne, today announced one of the first orders of business on the government's legislative agenda for the new session of Parliament: tax relief for nearly 22 million Canadians, saving two-income families up to $840 a year in 2026. Once legislated, the lowest marginal personal income tax rate will be reduced from 15 per cent to 14 per cent, effective July 1, 2025. This tax cut will help hard-working Canadians keep more of their paycheques to spend where it matters most. This measure is expected to deliver over $27 billion in tax savings to Canadians over five years, starting in 2025-26.
