Deputy Prime Minister Chrystia Freeland Announces Measures to Address Cost of Living
Ottawa, Ontario – November 26, 2024 – The Deputy Prime Minister and Minister of Finance, Chrystia Freeland, today unveiled a series of measures aimed at tackling the rising cost of living for Canadians.
In remarks delivered at the Canadian Chamber of Commerce’s Annual General Meeting, Freeland outlined the government’s commitment to supporting affordability and putting more money in the pockets of Canadians.
Key Measures Announced
- Tax Relief:
- Increase the Basic Personal Amount by $2,000, raising the threshold at which income tax is paid.
- Housing Affordability:
- Expand the First-Time Home Buyer’s Tax Credit to include repeat home buyers and increase the maximum credit amount.
- Introduce a new “rent-to-own” savings plan to help renters save for a down payment.
- Energy and Transportation:
- Extend the Carbon Pricing Tax Credit to provide direct financial support to families and low-income earners for the increased cost of energy.
- Provide rebates for energy-efficient upgrades to homes and businesses.
- Invest in public transportation infrastructure to reduce commuting expenses.
- Childcare:
- Increase funding for the Canada Child Benefit to offset the rising cost of childcare.
- Other Measures:
- Enhance the Canada Workers Benefit to provide wage supplements for low- and middle-income workers.
- Introduce a new “Affordability Tax Break” to provide a one-time payment to low-income Canadians.
Government’s Commitment
Freeland emphasized the government’s commitment to fiscal responsibility and sustainable economic growth. She stated that these measures will be implemented within the existing fiscal framework and will not add to the federal deficit.
Industry and Citizen Response
The Canadian Chamber of Commerce welcomed the government’s announcements, calling them “timely and targeted.” President and CEO Aaron Wudrick praised the focus on tax relief, housing affordability, and energy efficiency.
Citizens expressed mixed reactions, with some expressing gratitude for the financial assistance while others voicing concerns about the long-term impact on inflation.
Moving Forward
The government will continue to monitor the economic situation and implement further measures as needed to support Canadians through the current challenges. Freeland encouraged all levels of government, businesses, and individuals to work together to address the cost of living.
Remarks by the Deputy Prime Minister on putting more money in your pocket
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