44th Parl. 1st Sess.
December 8, 2022 10:00AM
- Dec/8/22 1:58:27 p.m.
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Madam Speaker, I know that all my hon. colleagues in the House are very excited for question period to begin so I will just say a few remarks and then turn it back to you.
As many of us in the House know, the early learning and national child care agreement has come into application across the country. I know my family is quite blessed in many ways. The impact for us is a positive one. Our little one, who is 13 months old, just started day care this week. We received notification about the fees for that day care, which has been in existence for about 30 years.
First, I want to give a shout-out to all the early childhood educators taking care of kids across the country. I would also like to give a shout-out to our government. This accord is so transformational for families across the country.
We are very blessed as a family and we can cover our fees without issue, but the fees have gone down 25% and there will be a further 25% reduction. For families across Canada, these reductions in child care fees and the after-tax savings for families is because of the child care agreement that our government negotiated with all provinces and territories. This is transformational for families and it is transformational for our economy, participation rates and so forth. I wish to applaud the government. I am very proud that our government was able to sign these agreements.
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- Dec/8/22 3:49:22 p.m.
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Mr. Speaker, it is great to recommence speaking to such an important topic, but also on our government's record of assisting Canadians at this period of time.
Our government is well aware that many Canadians are struggling to put food on the table during this period of high inflation. We go to the grocery store and cannot help but feel discouraged to see the price of the food we eat every day continue to rise. Milk, meat, bread, fruit and vegetables all cost more now. Many families across the country are struggling to make ends meet these days because of inflation.
However, it is important to remember that inflation is a global phenomenon, and food inflation is no exception. It is the result of the COVID-19 pandemic, and has been exacerbated by Vladimir Putin's illegal and barbaric war in Ukraine. To make things worse, snarled supply chains are affecting people and businesses around the world.
However, there is some room for hope in Canada. While inflation was 8.1% in June, it is now down to 6.9%, lower than what we see in many peer economies. For example, in the United States, it is at 7.7%. The EU is in double digits at 10%, and in the United Kingdom is 11.1 %. Still, inflation at 6.9% in Canada is too high.
I do personally, as an economist, forecast inflation going down in the quarters ahead, which will bring much needed relief to Canadian families.
On the bright side of things, as we are all bracing for a global economic slowdown, I believe there is no country better placed than Canada to weather the coming global economic slowdown and thrive in the years ahead. Indeed, Canada has an unemployment rate near its record low, as more than 500,000 more Canadians are working today than at the beginning the pandemic. We also have the strongest economic growth in the G7 so far this year and the lowest net debt and deficit-to-GDP ratios in the G7. On top of that, our country maintains its AAA credit rating from all three rating agencies.
However, we understand that a large number of Canadians will continue to struggle. The next few months will be difficult for our friends, families and neighbours because of inflation.
Many Canadians need help to get through the crisis, and our government is there for them. For example, with our affordability plan, we are putting forward a suite of measures totalling $12.1 billion to help Canadians make ends meet and provide for their families.
It is important to note that the measures we are putting forward are not pouring unnecessary fuel on the inflation fire. They only provide targeted, fiscally responsible help to those who need it most.
I would like to remind my colleagues what our affordability plan has to offer. It would enhance the Canada workers benefit and put up to $2,400 more in the pockets of modest-income families. That would assist nearly three million Canadian workers on a yearly basis.
We will cut regulated child care fees by an average of 50% by the end of this year. As I noted in the first two minutes of my speech prior to question period, my family received news that, for little Leia, who is in day care now, the fees have been reduced by 25% and a further 25% will occur by the end of the year. That is great news for not only my family, and we are quite blessed, but also for families who need that assistance and help.
There is a 10% increase in old age security, which we had put in prior to the increase in global inflation. This will be $800 more for over three million seniors aged 75 and up who need it the most.
Regarding dental care, over 35,000 Canadians have signed up for their children under 12. These Canadians have incomes under $90,000 a year and do not have private insurance.
We will make a $500 payment to 1.8 million low-income renters who are struggling with the cost of housing.
There is the doubling of the GST credit for six months, which is providing additional relief to 11 million individuals and families.
Everything is indexed to inflation. As I mentioned earlier this week, when speaking to Bill C-32, then finance minister Paul Martin introduced the indexation of all benefits of all marginal income tax rates to avoid what is called “tax creep” due to inflation. It was very important. It was one of the largest tax cuts ever introduced in Canadian history and provided a boost to incomes. It is great to see that continue.
When we think about the increase in the cost of living, it is due to the cost of groceries, of course, but it is also due to the cost of housing. Our government believes that everyone should have a safe and affordable place to call home. That goal was taken as a given for previous generations, but it is increasingly out of reach for far too many Canadians. Rents continue to climb across the country, pushing people further and further away from where they work.
With Bill C-31, we move forward with a one-time top-up to the Canada housing program. This will provide a tax-free payment of $500 to low-income renters, and 1.8 million Canadians will receive this. This payment will provide direct assistance to those who are most vulnerable to inflation and those experiencing housing difficulties.
These 1.8 million low-income renters include students who are struggling to pay for housing, and they will be eligible for this new assistance. This one-time top-up is part of a broader set of initiatives introduced in budget 2022. It will invest more than $9 billion to help make housing more affordable, including by alleviating the supply shortage, which is one of the main causes of the high cost of housing, particularly in the GTA.
In addition, with Bill C‑32, our government is moving forward with its ambitious package of measures to build more homes and make housing more affordable across the country.
In order to help Canadians afford a down payment faster, Bill C-32 proposes to move forward with a new tax-free home savings account. This account would allow prospective first-time homebuyers to save up to $40,000 tax-free toward buying their first home.
As with the registered retirement savings plan, or RRSP, contributions would be tax deductible and, as with the tax-free savings account, or TFSA, withdrawals would be non-taxable. The tax-free first home savings account is a new tool that will help prospective first-time homebuyers save for a down payment.
We will also enhance the first-time homebuyers' tax credit. The professional fees associated with real estate transactions are another hurdle. That is why we are proposing to double the first-time homebuyers' tax credit. The enhanced credit would provide up to $1,500.
I know my time is winding up, so I will stop there. I look forward to questions and comments from my hon. colleagues from all sides of this hon. place.
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- Dec/8/22 3:58:29 p.m.
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Madam Speaker, I thank my colleague for his question this afternoon. As regards housing and the cost of living across the country, it is very important to bring in measures to help all Canadians.
On the housing front, with the measures put in place by the fall economic statement, some of which will flow through Bill C-32 and the upcoming housing accelerator fund, we will work with all levels of government to ensure that the housing supply is boosted for Canadian families, for first-time buyers and for Canadians from coast to coast to coast.
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- Dec/8/22 4:00:06 p.m.
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Madam Speaker, the hon. member always has insightful commentary. I have had the opportunity to travel with the member for a number of days, and I got to know him as well at committee. I consider him a friend.
Our government will continue to put in place measures that will continue to help Canadians deal with the affordability issues we see due to global inflation. We will continue to move this economy forward. We will continue to create good jobs and good futures for Canadian families across this beautiful country that we are blessed to call home.
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- Dec/8/22 4:01:10 p.m.
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Madam Speaker, I am very good friends with the member for Chatham-Kent—Leamington, and it has been an honour to get to know him these last several months. We have many mutual friends in that area.
The financial ratios and our AAA credit rating speak for themselves. Ever since the Liberals reobtained our AAA credit rating many years ago, we have ensured that our financial foundations are strong for today, for tomorrow and for future generations with the lowest debt-to-GDP ratio and lowest deficit-to-GDP ratio. The numbers speak for themselves.
We will continue to put in place the programs to support Canadian families, and we will continue to put into place the programs to support investment in job creation here in Canada.
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