Today, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, highlighted our Affordability Plan⁠—a suite of measures totaling $8.9 billion in new support this year to help make life more affordable for millions of Canadians.

Our Affordability Plan

Inflation is a global phenomenon—one driven by factors that no single country is responsible for, and that no single country can insulate itself from or solve on its own. What we are going to do is help Canadians weather this newest challenge, just like we’ve done over these past two years.

We have a plan that includes real and tangible steps to help make life more affordable for Canadians. Our Affordability Plan—$8.9 billion in new support for Canadians this year— includes:

Enhancing the Canada Workers Benefit: By enhancing the Canada Workers Benefit at a cost of $1.7 billion in new support for workers this year, we’re putting more money in the pockets of an estimated 3 million Canadians.

• This means that a couple working full-time minimum wage jobs could receive up to $2400 more in support this year.
• At a time of global inflation, most Canada Workers Benefit recipients are receiving this increased support through their 2021 tax return.

A Ten Per Cent Increase to Old Age Security: Life can get even more expensive as we get older. That’s why we are increasing the Old Age Security pension for seniors 75 and older by 10 per cent starting in July 2022.

• This means over $766 in new support to full pensioners in the first year, and increased benefits for more than three million seniors.

Affordable Early Learning and Child Care: Because of our new affordable, universal early learning and childcare system, Canadian families will see their fees reduced by an average of 50 per cent this year.

• Our plan means savings for families up to $6000 in British Columbia.

A Housing Affordability Payment: We know that housing is more expensive than ever. As we work to build more homes, fight unfair practices, and make housing more affordable for Canadians, we are also providing a one-time $500 payment to nearly one million Canadians who are struggling with the cost of housing.

Dental Care for Canadians: Seeing a dentist is important for our health, but it can also be expensive. One-third of Canadians don’t have dental insurance, and in 2018, more than one in five Canadians reported avoiding dental care because of the cost. That’s why we will provide dental care to families with an income of less than $90,000 annually.

• Our dental care program will start with children under 12-year-olds this year, meaning families will have an easier time accessing and paying the cost of dental care for their kids.

Benefits that are Indexed to Inflation: As we keep working to make life more affordable for Canadians, important benefits that millions of Canadians count on are indexed to inflation to help keep up with the cost of living.

• This includes the Canada Child Benefit, the GST Credit, Canada Pension Plan, Old Age Security, and the Guaranteed Income Supplement.