Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2025.

Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, along with the Honourable Élisabeth Brière, Minister of National Revenue, announced that the federal government intends to amend the Income Tax Act to extend the deadline for making donations eligible for tax support in the 2024 tax year, until February 28, 2025.

Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government will deliver $103.8 billion in major federal transfers to provinces and territories in 2025-26, in addition to other significant financial support. This represents an increase of 4.4 per cent in major transfers compared to 2024-25.

The Fall Economic Statement includes updates on investments to expand Canada’s social safety net, build more homes, and reduce the costs of essentials like child care, dental care, and prescription medications including insulin and contraceptives.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, highlighted that the federal government’s bold mortgage reforms are coming into force today.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Minister of Export Promotion, International Trade and Economic Development, Mary Ng, announced the 2024 Fall Economic Statement will unlock billions in new capital and include significant new incentives to help businesses grow, innovate, and create good jobs.

Specifically, this legislation removes the GST/HST on holiday essentials, like groceries, restaurant meals, drinks, snacks, children’s clothing, and gifts, from December 14, 2024, until February 15, 2025.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, announced the 2024 Fall Economic Statement will double the loan limit for the Canada Secondary Suite Loan Program to $80,000, and launch the program in early 2025. This will make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home to increase density in our communities.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced an investment of up to $240 million in Cohere, a Toronto-based AI leader—the first investment through the new $2 billion Canadian Sovereign AI Compute Strategy launched yesterday.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, highlighted how the government is putting more money in your pocket.

Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the Toronto Transit Commission (TTC) will receive nearly $1.2 billion over the next decade through the Baseline stream of the new Canada Public Transit Fund. She was joined by the Honourable Peter Bethlenfalvy, the Minister of Finance of Ontario, the Honourable Prabmeet Sarkaria, the Minister of Transport of Ontario, and Her Worship Olivia Chow, Mayor of Toronto. The Canada Public Transit Fund is the largest public transit investment in Canadian history with $3 billion in annual federal funding provided to communities across the country.

The government can’t set prices at the checkout, but it can help Canadians with more money in their pocket. To help them buy the things they need and save for the things they want, today the government introduced Bill C-78, the Tax Break for All Canadians Act in Parliament. Bill C-78 proposes to provide a two-month Goods and Services Tax/Harmonized Sales Tax (GST/HST) break for holiday essentials, like groceries, restaurant meals, drinks, snacks, children’s clothing, and gifts.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, and the Honourable Rechie Valdez, Minister of Small Business, announced progress delivering new action to put more money in the pockets of Canadians and small businesses.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, announced significant progress to deliver Canada’s housing plan.

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that now nearly 1 million Canadians have opened a Tax-Free First Home Savings Account to save for their first downpayment.