Quick facts
These measures total more than $4.5 billion in targeted support for the Canadians who need it most, of which $3.1 billion is in addition to funding previously allocated in Budget 2022.
The pieces of legislation introduced today are in addition to other measures that will support Canadians this year, including:
Enhancing the Canada Workers Benefit at a cost of $1.7 billion in new support for an estimated three million low-income workers this year, with a couple receiving up to $2,400 more this year, and single workers receiving up to $1,200 more. Most recipients first received this additional support through their 2021 tax refund.
Cutting regulated child care fees in half on average for families in Canada by the end of this year.
A 10 per cent increase to the Old Age Security (OAS) pension for seniors 75 years and older, which began in July 2022, and will provide more than $800 in new support to full pensioners over the first year, and increase benefits for more than three million seniors.
Providing more support for students by doubling the Canada Student Grant amount until July 2023 and by waiving interest on Canada Student Loans through to March 2023.
Examples of how the government is making life more affordable for Canadians this year:
A couple in Ontario with an income of $45,000 and a child in daycare could receive about an additional $7,800 above their existing benefits this fiscal year.
A single recent graduate, living in Alberta, with an entry-level job and an income of $24,000 could receive an approximate additional $1,300 in new and enhanced benefits.
A senior with a disability in Quebec could benefit from over $2,500 more this year than she received last year.
This is the first step, outlined in the Supply and Confidence Agreement, to develop a national dental care program. The Government of Canada aims to have that program started for those under 18, persons with disabilities, and seniors by the end of 2023, with the full program completed by 2025.
Canada has the lowest total government deficit in the G7 this year, and by far the lowest net debt burden among these countries (32.1 per cent of GDP versus an average of 97.5 per cent of GDP for the group as a whole).
The International Monetary Fund and the Organisation for Economic Co-operation and Development predict that the Canadian economy will see the strongest growth in the G7 this year and next.