Finance Minister François-Philippe Champagne on Tuesday served legislative notice of billions in promised tax cuts, stating cabinet would fulfill its election promise to “deliver real change.”Champagne at the opening of the 45th Parliament gave notice of a Ways And Means Motion “containing measures that will deliver real change by cutting taxes for Canadians, bringing down costs and putting more money in the pockets of Canadians,” he said, per Blacklock’s Reporter. The motion is a parliamentary requirement prior to any tax change..UPDATED: PROMISES, PROMISES — Federal leaders' campaign pledges for 2025.Amendments to the Income Tax Act would reduce the rate on the first $57,375 of individuals’ taxable earnings from 15% to 14% by 2026. The measure would cost $5.8 billion next year, according to the budget office.The Ways And Means Motion also proposed to eliminate the GST on first-time buyers’ purchase of a new home under $1 million. The budget office put costs at $383 million next year.“It sends a very clear message to Canadians that we care,” Champagne told reporters May 14, adding cabinet expected parliament to give quick approval to budget bills.“We expect other parliamentarians to support obviously the government because this is about Canadians.”“You know we are in a dire situation. We’ve been talking with Canadians for weeks during the campaign. They told us one thing. They want us to do bold things. They want us to do them quickly.”.Carney swipes Tory policy on GST cut on new homes .Prime Minister Mark Carney on Tuesday said taxpayers expected relief.“My government has a mandate to bring down costs,” he wrote in a statement.“We are delivering this mandate by cutting taxes.”Carney added tax changes would see “Canadians keep more of their paychecks to spend where it matters most.”Carney first outlined the measures March 23 as he called a tax-time election that resulted in a third minority Liberal government. He did not explain how cabinet would finance the tax cuts.“How do you plan to pay for that?” asked a reporter.“We are looking at driving efficiency in government,” replied Carney.“We are differentiating between spending less as a government, and I recall government spending has gone up about 9% on average over the last several years, so we’re going to get that level of spending increase down.”“That in and of itself will create room.”Parliament is currently scheduled to sit four weeks, according to the Commons calendar. MPs slated summer adjournment on Friday, June 20 and do not plan to return until Monday, September 15.
