Deputy Prime Minister and Finance Minister Chrystia Freeland laid out her government’s plan to address inflation and cost-of-living issues at a noon hour address in Toronto on June 16, detailing $8.9 billion in spending based on already-announced commitments.
Freeland said the federal government is helping to build more homes to address the issue of housing affordability; providing more affordable child care; focusing on fiscal restraint; enabling middle-class job growth; and providing direct help to Canadians.
Freeland said the $8.9 billion in spending required had already been laid out in previous budgets. These measures include: Augmenting the Canada Workers Benefit by $1.7 billion, returning $1,200 to individuals on tax returns;
More money for affordable learning and early child care;
A 10 percent, $766 increase for Old Age Security (OAS) to 3 million seniors aged 75 years old and older;
A $500 payment to nearly one million low-income Canadians for housing;
Free dental care for those earning less than $90,000 per year, starting with children under 12 this year; and,
Higher payments for OAS, Guaranteed Income Supplement, Canada Pension Plan, the Canada Child Benefit, and the GST Credit by their indexation to inflation. Freeland touted Canada’s record low 5.1 percent unemployment rate and the G7-leading 117 percent recovery rate for jobs lost during the pandemic, before addressing common concerns….