MONTRÉAL, Nov. 22, 2024 /CNW/ – Canada Economic Development for Quebec Regions (CED)
The past few years have been challenging. It feels like the price of everything has gone up. And while inflation and interest rates are dropping back to the 2 per cent target and interest rates have been cut four times this year, we know that Canadians are not yet feeling that in their household budgets.
Our government cannot set prices at the checkout, but it can give Canadians more money in their pockets—to help them afford the things they need and save for the things they want.
Today in Montréal, the Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED, met with a local restaurant owner and its team to highlight the government’s plan to put more money in Canadians’ pockets.
As Prime Minister Justin Trudeau announced on November 21, starting December 14, 2024, the Government of Canada is giving a tax break to all Canadians. With a GST/HST exemption across the country, Canadians will be able to buy essentials such as groceries, snacks and children’s clothing—all tax free.
This new tax break will apply to:
Prepared foods, including pre-made meals and salads, vegetable trays, and sandwiches.Restaurant meals, whether dine-in, takeout, or delivery.Snacks, including chips, candy, and granola bars.Beer, wine, and cider.Children’s clothing, footwear, car seats, and diapers.Children’s toys, such as board games, dolls, and video-game consoles.Books, print newspapers, and puzzles, for all ages.Christmas trees.
This tax break is projected to last until February 15, 2025. This will deliver meaningful savings for Canadians by making essentially all food GST/HST free, providing real relief at the cash register.
Working Canadians will also get some cash back. We are doing this by providing a new Working Canadians Rebate. That means Canadians who worked in 2023 with net earnings up to $150,000 will see a $250 cheque in their bank account or mailbox, starting in early spring 2025. With the Working Canadians Rebate, the Government of Canada is putting money directly into the pockets of the middle class—those who have worked so hard to beat inflation. This will give 18.7 million Canadians that extra help to buy what they need.
We encourage Parliament and all parties to get this legislation passed quickly and unanimously, so workers and working families get more money in their pockets.
Families will be spending quality time together over the coming weeks. Some will light Christmas trees for Santa to put gifts underneath. Some will share meals 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 are making the holidays easier and helping Canadians start the new year with a little more in their pockets.
Quote
“With this tax relief on groceries and holiday essentials, plus a $250 rebate for working Canadians, we are reducing costs when they are highest for Canadians. This means you can focus more on celebrating with family and friends and start the new year off with a little extra money in your bank account.”
– The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED
Quick facts
The GST/HST would be fully relieved on the supply or importation of qualifying goods for a period beginning on December 14, 2024, and ending on February 15, 2025. Further details on the qualifying goods are available here.A family spending $2,000 on qualifying goods, such as children’s clothing, shoes and toys, diapers, books, snacks for the house, or restaurant meals, would pay $100 less in GST over the two-month period.In provinces where the HST will also be removed from qualifying goods (Ontario, Newfoundland and Labrador, Nova Scotia, New Brunswick, and Prince Edward Island), Canadians will save even more on tax. In Ontario, a family spending $2,000 on the same qualifying purchases would pay $260 less in HST over the two-month period.Canadians who have claimed tax credits for Canada Pension Plan/Quebec Pension Plan contributions or for Employment Insurance (EI) or Quebec Parental Insurance Plan (QPIP) premiums, and those who reported income from EI or QPIP benefits, with individual net income below $150,000 in 2023, would be eligible for the Working Canadians Rebate. Eligible Canadians would begin receiving the payments starting in early spring 2025. More information on the rebate is available here.The government is focused on making life more affordable for Canadians, with actions that are already saving families and individuals thousands of dollars a year, including:A new National School Food Program, with $1 billion over five years to provide meals for up to 400,000 more kids each year, ensuring all children have the food they need to have the best start in life, regardless of their family circumstances. The Program is expected to save the average participating family with two children $800 per year in grocery costs, with lower-income families benefitting the most.More money through the Canada Child Benefit to help families with the costs of raising children and make a real difference in the lives of children in Canada. The Canada Child Benefit, which is providing up to nearly $8,000 per child in 2024-2025, is indexed annually to keep up with the cost of living and has helped lift hundreds of thousands of children out of poverty since its launch in 2016.Saving families up to $14,3000 per child, per year with the Canada-wide $10-a-day early learning and child care system, which has already cut fees for regulated child care to an average of $10 a day or less in over half of all provinces and territories and by 50% or more in all others.Saving families about $730 per year with the Canadian Dental Care Plan, which is already available for children under 18, with family incomes under $90,000, because no one should have to choose between taking care of their kids’ teeth and putting food on the table.
Related products
News release: More money in your pocket—A tax break for all Canadians and the Working Canadians RebateBackgrounder: More money in your pocket: A tax break for all CanadiansBackgrounder: The Working Canadians Rebate
SOURCE Canada Economic Development for Quebec Regions
Near Videos5 days ago
Near Videos4 days ago
Near Videos4 days ago
Coin Market4 days ago
Coin Market4 days ago
Coin Market4 days ago
Coin Market4 days ago
Technology4 days ago