Recent government initiatives aim to ease the financial strain by making everyday essentials more affordable and putting money directly into the pockets of working Canadians.
GST/HST Exemptions on Essentials
From December 14, 2024, to February 15, 2025, Canadians will enjoy GST/HST exemptions on various essential items, including:
- Groceries & Prepared Foods: Items like salads, sandwiches, snacks, and even alcoholic beverages under 7% ABV.
- Children’s Essentials: Clothing, footwear, car seats, diapers, and toys.
- Books & Entertainment: Books, puzzles, and video game consoles.
- Festive Items: Christmas trees and holiday decorations.
For families, spending $2,000 on qualifying goods, this can mean up to $260 in savings in HST provinces like Ontario.
$250 Working Canadians Rebate
Starting in spring 2025, working Canadians with 2023 net incomes under $150,000 will receive a $250 rebate. This rebate is designed to reward hardworking Canadians and provide additional funds for household expenses.
Broader Government Support
These measures complement other initiatives such as the Canada-wide $10-a-day child care system, the Canada Child Benefit, and the Canadian Dental Care Plan, which collectively save families thousands of dollars each year.
How CTRL+TAX Can Help
With these new tax breaks and rebates, it’s more important than ever to ensure your tax filings are accurate and up-to-date. At CTRL+TAX, we’re here to help you navigate these changes and maximize your savings.
Start Planning Your Savings Today
These measures are temporary but impactful, so don't miss the chance to use them.
We would also like to remind you that CTRL+TAX is an accounting company with many years of experience in personal and business taxation. Contact us if you need truly professional assistance.