Mr. Speaker, as I was saying, our Bill C-4 also includes a tax cut for the middle class. This does relate to the motion we are discussing today. We are talking about cutting the carbon tax. As I said earlier, Canadians wanted a little more money. We are therefore explaining how we will offer lower-income Canadians additional opportunities to contribute and live healthy lives across the country, including in Quebec.
Getting back to what I was saying, this bill will provide tax relief for the middle class by cutting taxes for nearly 22 million Canadians, saving families in Canada and Quebec up to $840. Canadians, including Quebeckers, could start seeing these tax savings on their paycheques as of July 1 of this year.
Hard-working Canadians with taxable incomes below $114,000 in 2025 will benefit the most from these tax cuts. I talked about Canadians who hoped to have a little more money after April. We are working on a plan to show how these Canadians will be able to get a little more money. All Canadians will benefit from this cut, regardless of the province they live in, which was not the case for the Canada carbon rebate.
That is just the beginning. We are determined to continue helping hard-working Canadians save money. That is the mandate they gave us and that is what the government is going to do. We are reviewing core spending and government efficiency to help cut costs and increase productivity across the public service.
We are also taking measures to eliminate internal trade barriers with a goal of reducing costs by 15% and adding up to $200 billion to our economy, or potentially as much as $5,000 per Canadian. We are also cancelling the tax increases on capital gains to help stimulate investment in our communities and encourage builders, innovators and entrepreneurs to grow their businesses in Canada.
In the fall, we will table a well-thought-out budget that will advance our primary objective of investing more in the people and businesses that will grow our economy.
As His Majesty said in the Speech from the Throne, in all of its actions, the government will be guided by a new fiscal discipline: spend less so Canadians can invest more. By working together, we will fight climate change and strengthen Canada's and Quebec's economic resilience in a rapidly changing global landscape.
We are going to build a stronger, more unified new economy, an economy that will create better-paying jobs and higher incomes for everyone—the strongest economy in the G7.