Making life more affordable for Canadians

June 16, 2022 at 10:32 am  Federal, Politics

Making life more affordable for Canadians

Since 2015, Justin Trudeau and our Liberal team have been delivering a bold plan to make life more affordable for Canadians while growing the economy and creating good middle class jobs.

Here are just some of the ways we’re putting more money in people’s pockets, making every day life more affordable, and building a better Canada for everyone:

More homes Canadians can afford

  • Helping more Canadians buy their first home by doubling the First Time Home Buyers’ Tax Credit and creating the Tax-Free First Home Savings Account.
  • Creating more rent-to-own projects across Canada to help more Canadians get into the housing market.
  • Cracking down on speculation by creating an anti-flipping tax, requiring residential properties to be held for at least 12 months.
  • Building 1.4 million new homes that Canadians can afford.
  • Banning new foreign ownership of Canadian houses for the next two years to ensure Canadians have more access to purchasing homes.
  • Providing a $500 payment this year to nearly one million Canadian renters who are struggling with the cost of housing.

More support for families

  • Cutting taxes for the middle class and raising them on the top 1%.
  • Signing child care agreements with all provinces and territories to reduce costs by 50% this year, while moving towards $10-a-day child care.
  • Continuing to put more money in the pockets of families with the Canada Child Benefit, which has already lifted 435,000 children out of poverty.
  • Providing dental care to Canadian families with incomes of less than $90,000 annually, starting with under 12 years-olds in 2022.
  • Increasing Climate Action Incentive payments, which puts more money in the pockets of eight out of every ten people in the provinces where the federal system applies.

More support for workers

  • Enhancing the Canada Workers Benefit to put up to $2,400 more into the pockets of low-income families starting this year.
  • Providing ten paid sick days for all federally regulated private sector employees.
  • Increasing the federal minimum wage to $15.55 to help more people get ahead.

More support for young Canadians

  • Waiving interest on Canada Student Loans until March 2023.
  • Enhancing repayment assistance to ensure that no person making $40,000 or less will need to make payments on their federal student loans going forward.
  • Created 300,000 new work opportunities and experiences for young Canadians and provided income support to over 700,000 students through the Canada Emergency Student Benefit during the pandemic.

More support for seniors

  • Reversed the Conservative policy and restored the age of eligibility for OAS and GIS to 65, from 67, preventing 100,000 seniors aged 65 and 66 from plunging into severe poverty each year.
  • Increased the Old Age Security pension by 10% for all seniors aged 75+, providing $766 over the first year to pensioners receiving the full benefit.
  • Increased the Guaranteed Income Supplement (GIS) by 10% for individual seniors, improving the financial security of about 900,000 vulnerable seniors.

At every turn, Conservative politicians have tried to stop our progress to make life more affordable for Canadians.

While they continue to propose policies that would cut taxes for the wealthy and cut services for everyone else, Justin Trudeau and our Liberal team will continue to make life more affordable for everyone.

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