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September 1, 2024 Each September 1 (started in 2023), based on the changes in the Yellowknife CPI and in the average hourly wage in the Northwest Territories as measured by Statistics Canada for the previous calendar year. [18] Nova Scotia: 15.20 April 1, 2024 To be increased to $15.70 on April 1, 2025 and $16.50 on October 1, 2025 [19]
The Canadian federal budget for the fiscal years of 2024–25 was presented to the House of Commons by Finance Minister Chrystia Freeland on 16 April 2024. [1] The budget's slogan is "Fairness for every generation", suggesting the government planned to help younger people.
The process of creating the budget is a complex one which begins within the working ranks for the Federal Government. Each year, the various departments that make up the Government (for example, Health, Transportation, Foreign Affairs, National Defence, Industry, CRA, etc.) submit what are called 'The Main Estimates' to The Treasury Board ...
July 18 – Jeremy N. McNeil, British-Canadian biologist and zoologist (b. 1944) July 24 Leo Burke, professional wrestler (b. 1948) Alan Hyland, politician (b. 1945) July 26 – Frank Chiarelli, ice hockey player (b. 1931) July 27 – Murray Costello, ice hockey player, executive, and administrator (b. 1934)
Taxable capital is the amount determined under Part 1.3 of the Income Tax Act (Canada) plus accumulated other comprehensive income. On January 1, 2006, capital tax was eliminated at the federal level. Some provinces continued to charge corporate capital taxes, but effective July 1, 2012, provinces have stopped levying corporation capital taxes.
The CCB is income-dependent; the first income threshold for families to receive Canada Child Benefit is $30,450 and the second threshold is $65,975 in 2018–19. Since its inception, the Canada Child Benefit has lifted about 300,000 of children out of poverty, [ 30 ] and has helped reduce child poverty by 40% from 2013 to 2017.
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In addition, the federal government posted ten consecutive deficits since it took office, with projections showing a $39.8 billion deficit for 2024–25. Federal debt nearly doubled from 2014–15 to 2024–25, approaching $2.1 trillion, with forecasts suggesting an additional $400.1 billion increase by March 2029 due to projected deficits in ...