Canadians are feeling the rising cost of living. Global inflation is driving up the price of necessities, like groceries and rent, and making it harder for families to make ends meet at the end of the month. Amid economic uncertainty around the world, the Government of Canada will continue to be there for people and build an economy that works for all Canadians. We will continue to support the middle class and people who need it most, when they need it most, by putting more money back in their pockets now.
The Prime Minister, Justin Trudeau, today announced that Canadians have started to receive their doubled Goods and Services Tax Credit (GSTC) payment. To help 11 million individuals and families with the rising cost of living, we doubled the GSTC for six months – couples with two children will receive up to an extra $467 and seniors will receive an extra $225 on average.
This is a key part of our plan to make life more affordable for Canadians this year. We are also working to deliver a new Canada Dental Benefit, which would provide parents up to $1,300 per child under 12 over two years, and a one-time top-up to the Canada Housing Benefit of $500 for renters who need it most. From cutting regulated child care fees in half on average by the end of this year, to increasing the Canada Workers Benefit to provide up to an additional $2,400 for modest-income families, to putting an additional $800 in the pockets of full Old Age Security pensioners aged 75 and over, we are delivering real results that are helping Canadians now.
Yesterday, the government released its 2022 Fall Economic Statement, a plan to continue building an economy that works for all Canadians. It delivers targeted support to the middle class and people who need it most, moves forward on the government’s comprehensive plan to make housing more affordable, permanently eliminates interest on federal student and apprentice loans, and it lays out an ambitious plan to continue bringing billions of dollars in investment to Canada – in areas like clean power, electric vehicles, and battery manufacturing – to create good middle-class jobs and grow our clean economy.
We will continue to work hard to put more money back in the pockets of people, build an economy that works for all Canadians, and deliver results for the middle class and people working hard to join it.