May 27, 2025 – Ottawa, Ontario – Department of Finance Canada

Today, His Majesty King Charles III delivered the Speech from the Throne – outlining the government’s bold and ambitious plan for the future. Key to that plan is bringing down costs so Canadians keep more of their paycheques to spend where it matters most.  

To that end, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, today tabled a notice of Ways and Means Motion in Parliament with proposals to:

• Deliver a middle-class tax cut, providing tax relief for nearly 22 million Canadians and saving families up to $840.
• Eliminate the Goods and Services Tax (GST) for first-time home buyers on new homes valued up to $1 million, saving them up to $50,000, and lower the GST for first-time home buyers on new homes valued between $1 million and $1.5 million.   
• Remove the consumer carbon price from law, following its cancellation, effective April 1, 2025.

With these measures, we are delivering change to cut taxes, bring down costs, and put money back in the pockets of Canadians.