Remarks by the Deputy Prime Minister on putting more money in your pocket
Speech
November 25, 2024 - Ottawa, ON
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I’m going to start by talking about the Canadian economy, our tax break, our rebate for Canadian workers and an update on the Carbon Rebate for Small Businesses.
Jean-Yves [Duclos, Minister of Public Services and Procurement and Quebec Lieutenant] will talk about the tax break, the workers’ rebate, with particular attention to what it means for Quebec.
Minister Valdez [Rechie Valdez, Minister of Small Business] will provide more detail on the Carbon Rebate for Small Businesses.
First, the Canadian economy. Inflation was 2 per cent in October. Inflation has been within the target range for the past ten months, or the entire year. That’s important for Canadians. It means more stable prices, and with inflation falling, interest rates are also coming down. Canada was the first G7 country to cut interest rates four times. That’s good news, especially for Canadians with a mortgage, and it’s good for homeowners and businesses.
The Prime Minister on Thursday announced a tax break for all Canadians and the Working Canadians Rebate. We’ve tabled draft legislation in Parliament to make that happen. The tax break means a GST exemption from December 14 to February 15 on essential items like prepared foods, restaurant meals, snacks, clothing for kids and diapers and toys.
We know we can’t set prices at the checkout counter, but we can give Canadians a break, and help them afford the things they need, and save for the things they want. Inflation is down. Rates are coming down. But it’s still hard for Canadians, and that’s why now is the time to give Canadians a bit of help.
We also announced the Working Canadians Rebate. That will be a cheque for $250, paid in the spring. It will be paid out to Canadians who worked in 2023 and earned up to $150,000. It will help 18.7 million Canadians. This is about helping middle class Canadians with a bit more money in their bank accounts to pay their bills and make other essential purchases.
We’re here to urge all Parliamentarians to join us in getting this legislation passed quickly, so Canadians can get the break they need.
Some more extremely good news—we have talked about the fact that this year we’re going to pay the Canada Carbon Rebate for Small Businesses. These are going to be significant sums of money. A business with 10 employees in Ontario, for example, will be getting $4,000. A business with 499 employees in Alberta will be getting $294,000. These are going to be significant payments to small businesses across the country.
We’re here to announce that Canadian small businesses will be getting those payments ahead of schedule. The first wave of payments has been processed. Direct deposits should start showing up in businesses’ bank accounts today and should arrive between today and December 3rd. Small businesses should check their My CRA Account to see where their rebate is in terms of being processed.
I’d like to remind you, what we said we would do is deliver those direct deposits on December 15th, but we know how urgent it is for small businesses to get that help. I am glad we’re able to announce today that small businesses today will be starting to get their rebate. Minister Valdez will have more to say about that.
Thank you.