Helena Jaczek

BUDGET 2023 - MAKING LIFE MORE AFFORDABLE

March 28, 2023

March 28, 2023

In Budget 2023, the government is introducing new, targeted inflation relief supports for Canadians. This new support has been carefully designed to avoid exacerbating inflation.

Through the new Grocery Rebate, Budget 2023 delivers targeted inflation relief for 11 million low- and modest-income Canadians and families who need it most, with up to an extra $467 for eligible couples with two children; an extra $234 for single Canadians without children; and an extra $225 for seniors, on average.
Cracking down on hidden junk fees, such as higher telecom roaming charges, event and concert fees, excessive baggage fees, and unjustified shipping and freight fees.
Cracking down on predatory lending by proposing to lower the criminal rate of interest.
Lowering credit card transaction fees for small businesses, while also protecting reward points for Canadians offered by Canada’s large banks.
Automatic tax filing for more low-income Canadians, to ensure they can easily file their tax returns in order to receive the benefits they are entitled to.
Helping post-secondary students to afford their education and pursue their dreams by increasing the Canada Student Grants and raising the interest-free Canada Student Loan limit.
Helping young Canadians save for their first home by launching the new Tax-Free First Home Savings Account on April 1, 2023.

Since 2015, the federal government has made significant investments to support Canadians and make life more affordable. These have included:

One-time inflation relief payments to about 11 million low- and modest-income Canadians, worth up to $467 for a couple with two children, and up to $234 for a single Canadian without children.
An enhanced Canada Workers Benefit, which means families could receive up to $2,461 this year, and a single Canadian without children could receive up to $1,428.
Direct, tax-free payments of up to $1,300 per child over two years to eligible families to cover dental expenses for their children under 12.
A tax-free payment of $500 to help low-income people who are struggling with the cost of rent.
A ten per cent increase in Old Age Security (OAS) payments for seniors who are 75 and older, which is providing over $800 in new supports to full pensioners in the first year.
The tax-free Canada Child Benefit, to support about 3.5 million families annually, with up to $6,997 per child under the age of six, and up to $5,903 per child aged six through 17 this year.
Fighting climate change while making life more affordable with a federal price on pollution that puts more money back in the pockets of eight out of every ten Canadians in the provinces where it applies.
Reducing taxes for middle class Canadians while raising them on the wealthiest one per cent.
A nation-wide affordable Early Learning and Child Care system, with six provinces and territories providing regulated child care for an average of just $10-a-day or less by April 2, 2023,—significantly ahead of schedule. All other provinces and territories remain on track to achieve $10-a-day child care by 2026.

In addition, important benefits like the Canada Child Benefit, Canada Pension Plan, OAS, and the Guaranteed Income Supplement all keep pace with inflation.