To fight inflation, Secretary Freeland is taking action in her budget

In his speech, before the presentsEmpire Club of CanadaIn Toronto, the minister first pointed out that the rising cost of living is one global phenomenonfueled by the ongoing impact of the COVID-19 pandemic, ongoing lockdowns in China and Russia’s invasion of Ukraine.

She then explained that plan to make life more affordable of the Trudeau administration, which includes a series of measures stemming from the last two federal budgets, including that presented last April.

Under these :

  • Increase Canada Workers Benefit by $1.7 billion this year;
  • Increase OAS by 10%, providing up to $766 in new assistance beginning in July;
  • Provide a one-time payment of $500 for those struggling to find affordable housing;
  • Reduce the cost of childcare services by an average of 50% by the end of the year, bringing it to an average of $10 per day by 2025-2026;
  • Provide free dental care to Canadian households earning less than $90,000 by 2025 and to children under 12 starting this year.
  • Increase Guaranteed Income Supplement (GIS), Canada Pension Plan Benefits, Canada Child Benefit and GST Credit.

Jobs are plentiful and trade is boomingsaid Ms Freeland on Thursday. At the same time, many Canadians are finding it harder than it used to be to pay their bills at the end of the month.she admitted.

Minister Freeland spoke to Toronto businessmen about the government’s anti-inflation plan. This is a series of measures totaling $8.9 billion.

Photo: The Canadian Press/Cole Burston

Last month, Statistics Canada reported that annual inflation hit 6.8% in April. It was the highest level since January 1991. The federal agency will release its May Inflation Report next week.

Warmed up, says the opposition

The Conservative Party of Canada (CPC) felt that Ms Freeland’s speech [montrait] a fundamental misunderstanding of the causes of inflation.

: dépenser pendant une crise inflationniste ne fera qu’alimenter davantage l’inflation”,”text”:”Cette approche économique défectueuse gruge les revenus des travailleurs canadiens et ignore le principe le plus fondamental de l’économie: dépenser pendant une crise inflationniste ne fera qu’alimenter davantage l’inflation”}}”>This flawed economic approach is eating away at Canadian workers’ incomes and ignoring the most fundamental principle of economics: spending during an inflationary crisis will only fuel inflation.argued Conservative spokesmen for finance and industry Dan Albas and Gérard Deltell in a joint statement released on Thursday afternoon.

Conversely, the New Democratic Party (NDP) called on the Liberals to take new measures to really help ordinary families.

$ cette année”,”text”:”Parmi les mesures réannoncées par la ministre, l’indexation du crédit d’impôt pour la TPS n’équivaudra qu’à 7$ cette année”}}”>Among the measures re-announced by the minister, the indexation of the tax credit for the GST will be equivalent to just $7 this yearthe party said in its statement. $ ne permettra même pas aux 12millions de personnes recevant le crédit d’impôt pour la TPS de s’acheter une poitrine depoulet.”,”text”:”Dans la réalité, 7$ ne permettra même pas aux 12millions de personnes recevant le crédit d’impôt pour la TPS de s’acheter une poitrine depoulet.”}}”>In reality, $7 won’t even allow the 12 million people who receive the GST tax credit to buy a chicken breast.

The US Federal Reserve raised interest rates by three quarters of a point on Wednesday – the largest hike since 1994. Leading economists expect the Bank of Canada to follow suit on its next monetary policy move next month.

Canada’s central bank has twice raised interest rates by half a percentage point in recent months, to 1.5% in June, and its governor, Tiff Macklem, has indicated he is ready to act with more enthusiasm if high inflation persists.

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