Canadians are feeling the rising cost of living and many are worried about paying for gas and groceries.
That’s why today – as Parliament resumed – our first order of business was to table legislation to help make life more affordable for Canadians; putting more money back in the pockets of those who need it most without adding fuel to the fire of inflation.
This legislation will:
• Put up to an extra $234 in the pockets of single Canadians without children and up to $467 for couples with two children this year by doubling the GST tax credit for six months. (This additional, targeted support will help roughly 11 million individuals and families who already receive the tax credit, including about half of Canadian families with children and more than half of Canadian seniors. Seniors would receive an extra $225 on average);
• Provide up to $1,300 over the next two years for dental care for children under 12, starting this year;
• Send a one-time $500 payment to nearly two million renters who are struggling with the cost of housing.
This targeted relief supports the steps we’ve already taken this year to make life more affordable for the middle class and those working hard to join it.
• Raising the Canada Workers Benefit to put up to $2,400 more into the pockets of low-income families starting this year;
• Increasing Old Age Security by 10% for seniors 75 and over, providing an additional $766 to more than three million seniors, which started in July;
• Cutting child care fees by an average of 50% across the country by the end of this year and making child care more accessible in Quebec; and,
• Tying key benefits to inflation so they keep up with the cost of living, including the Canada Child Benefit, the GST Credit, the Canada Pension Plan, Old Age Security, and the Guaranteed Income Supplement. The federal minimum wage, which we increased to $15/hour, is also now tied to inflation.
Our plan is delivering targeted and fiscally responsible support to the Canadians who need it most. And we’re staying focused on what’s most important: helping Canadians meet the challenge of global inflation, building an economy that works for everyone, and making sure no one is left behind.
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