Department of Finance Canada highlighted several affordability measures affecting income tax, benefits, banking fees, and first-time home buyers.
The tax measure is a reduction in the first marginal personal income tax rate from 15 per cent to 14 per cent as of July 1, 2025. Finance Canada said the rate applies to taxable income up to $58,523 in 2026 and could save nearly 22 million Canadians up to $420 per person, or up to $840 for a two-income family in 2026.
The department also described the Canada Groceries and Essentials Benefit, which replaces the former GST/HST credit. Finance Canada said the amount would increase by 25 per cent for five years starting in July 2026, with a one-time spring payment equal to a 50 per cent increase in the 2025-26 annual GST/HST credit value.
Finance Canada said that, combined, a family of four could receive up to $1,890 in the first benefit year and about $1,400 annually for the following four years. A single person could receive up to $950 in the first benefit year and about $700 annually after that.
For housing, Finance Canada pointed to the first-time home buyers' GST/HST rebate. The measure eliminates the federal GST for first-time buyers on new homes up to $1 million and reduces it for first-time buyers on new homes priced between $1 million and $1.5 million, with potential savings of up to $50,000.
The same release also referred to a cap on non-sufficient-funds fees. The package combines several channels of household relief: income-tax rates, GST/HST relief, banking-fee limits, and CRA-administered benefit payments.