Deputy Prime Minister and Finance Minister Chrystia Freeland has presented a multi-pronged "affordability plan" outlining how the government intends to address inflation, based on pre-existing commitments.
The measures, totalling $8.9 billion in spending this year, include planned boosts to certain benefit programs, as well as the federal government's child and dental care plans.
In a noon-hour keynote address at Bay Street's Empire Club in Toronto, Freeland spoke about the state of the Canadian economy and about the federal government's next steps as it relates to measures rolling out to eligible Canadians soon.
Specifically, in signalling that the Liberals do not plan to roll out new government spending to address the current cost-of-living crunch, Freeland cited a series of "real and tangible steps" that she promised would "get inflation under control."
The federal plan meant to improve affordability includes:
The anticipated enhancement of the Canada Workers Benefit that will see the eligible estimated three million full-time, minimum-wage workers receiving up to $1,200 more through their tax return.
The expected cutting of child care fees for Canadian families, estimated at an average of 50 per cent by the end of the year.
The enacting of the longstanding commitment to increase the Old Age Security pension for seniors 75 years and older by 10 per cent, providing more than $766 to full pensioners in the first year.
And, the increase expected to a host of other benefits, because they are indexed to inflation. This includes the Guaranteed Income Supplement, Canada Pension Plan, the Canada Child Benefit, and the GST Credit.
The federal government has been under growing pressure to help reassure Canadians who are facing rising costs of living, on everything from gas to groceries.