Discussion · Adjournment Proceedings
Jennifer McKelvie Liberal
“Our government is making life more affordable for Canadians. We are pausing the federal fuel tax until Labour Day to lower gas prices. We plan to lower pension plan costs for workers and businesses next year. We are also giving new homebuyers more time to pay back money taken from their retirement savings.”
“Madam Speaker, in a rapidly changing world, the government is focused on what we can control, which is building a stronger economy to make life more affordable for Canadians. Many Canadians continue to face affordability pressures as the cost of essential goods, housing and everyday expenses remain high. That is why the government has also taken action to help Canadians with daily expenses. For example, starting April 20, the federal fuel excise tax on gasoline and diesel, across Canada, will be suspended until Labour Day. This reduces gas station fill-ups by 10¢ per litre on regular gasoline and four cents on diesel. This will help Canadian drivers and reduce operating costs for truckers and businesses in the food, agriculture, housing, construction and delivery sectors. Now I would like to talk about some of the new measures announced in the April 28 spring economic update that will help make life more affordable for Canadians. For one, the update announced the government’s intention to introduce legislative amendments to the Canadian pension plan to reduce the contribution rate in the base CPP from 9.9% to 9.5%, effective next January 1. This would translate into annual savings of about $133 for an employee earning $70,000 a year, with an equivalent savings for their employer for each worker. This change was agreed to by provincial ministers of finance as co-stewards of the plan, and it would maintain a prudent financial buffer to protect the CPP against future economic and demographic risks while providing meaningful contribution relief. For new homebuyers, the update proposes to extend the grace period before starting repayments on the homebuyers’ plan withdrawals from RSPs from two years to five years for participants making a first withdrawal between January 1, 2026, and December 31, 2028. This would provide cash flow relief of up to $4,000 per individual per year for the additional three years they are no longer required to start repaying the amount into their RRSP. This follows the recent elimination of the GST for first-time homebuyers on new homes up to $1 million and the reduction of GST for first-time homebuyers on new homes between $1 million and $1.5 million, providing savings of up to $50,000. These are just some of the ways the government is helping to make life more affordable for Canadians.”
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“Our government is focused on what we can control.”
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Madam Speaker, in a rapidly changing world, the government is focused on what we can control, which is building a stronger economy to make life more affordable for Canadians. Many Canadians continue to face affordability pressures as the cost of essential goods, housing and everyday expenses remain high. That is why the government has also taken action to help Canadians with daily expenses. For example, starting April 20, the federal fuel excise tax on gasoline and diesel, across Canada, will be suspended until Labour Day. This reduces gas station fill-ups by 10¢ per litre on regular gasoline and four cents on diesel. This will help Canadian drivers and reduce operating costs for truckers and businesses in the food, agriculture, housing, construction and delivery sectors. Now I would like to talk about some of the new measures announced in the April 28 spring economic update that will help make life more affordable for Canadians. For one, the update announced the government’s intention to introduce legislative amendments to the Canadian pension plan to reduce the contribution rate in the base CPP from 9.9% to 9.5%, effective next January 1. This would translate into annual savings of about $133 for an employee earning $70,000 a year, with an equivalent savings for their employer for each worker. This change was agreed to by provincial ministers of finance as co-stewards of the plan, and it would maintain a prudent financial buffer to protect the CPP against future economic and demographic risks while providing meaningful contribution relief. For new homebuyers, the update proposes to extend the grace period before starting repayments on the homebuyers’ plan withdrawals from RSPs from two years to five years for participants making a first withdrawal between January 1, 2026, and December 31, 2028. This would provide cash flow relief of up to $4,000 per individual per year for the additional three years they are no longer required to start repaying the amount into their RRSP. This follows the recent elimination of the GST for first-time homebuyers on new homes up to $1 million and the reduction of GST for first-time homebuyers on new homes between $1 million and $1.5 million, providing savings of up to $50,000. These are just some of the ways the government is helping to make life more affordable for Canadians.