Across the country, families are struggling with the rising cost of living. The Government of Canada is providing targeted support to those who need it most, and we are going to keep delivering much-needed relief to the middle class and people working hard to join it.
The Prime Minister, Justin Trudeau, today highlighted various federal initiatives that will help make life more affordable for Canadians today.
As of today:
- The federal minimum wage is increasing from $15.55 to $16.65 per hour, to keep pace with inflation;
- Canada Student Loans and Canada Apprentice Loans, including those currently being repaid, become permanently interest-free;
- Financial institutions can be able to start offering the Tax-Free First Home Savings Account, to help Canadians save up to $40,000 tax-free for their first home;
- Quarterly Climate Action Incentive payments increase for people in provinces where the federal price on pollution currently applies;
- Eligible low and median income homeowners can receive up to $10,000 toward a new energy efficient heat pump through the Oil to Heat Pump Affordability Program.
These newly available support measures build on a wide range of other investments and initiatives from the federal government to put more money back in the pockets of Canadians. These include doubling the GST Credit for six months, providing dental care for more than 250,000 kids, and delivering a one-time tax-free payment of $500 for low-income renters.
Earlier this week, we released Budget 2023—A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future, which lays out our plan to build a stronger, more sustainable, and more secure Canadian economy for everyone.
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