To fight inflation, Minister Freeland relies on measures in his budget

In his speech before the villageCanadian Empire Clubin Toronto, the Minister first noted that the increase in the cost of living was a global phenomenonfueled by the long-lasting effects of the COVID-19 pandemic, the ongoing quarantine in China and Russia’s invasion of Ukraine.

Then she told in detail about plan to make life more accessible the Trudeau government, which includes a number of measures stemming from the last two federal budgets, including the one submitted last April.

Including:

  • Increase aid to Canadian workers by $ 1.7 billion this year;
  • Increase old-age protection (OAS) by 10%, providing up to $ 766 in new support starting in July;
  • Providing a one-time payment of $ 500 to those who have difficulty finding affordable housing;
  • By the end of the year, reduce the cost of child care by an average of 50%, and by 2025-2026 to bring it to an average cost of $ 10 per day;
  • By 2025, provide free dental care to Canadian households with incomes below $ 90,000, and starting this year to children under 12;
  • Increase the Guaranteed Income Supplement (GIS), Canadian Pension Plan benefits, Canadian Child Benefit and Goods and Services Tax Credit.

There are many jobs, trade is boomingsaid Mrs. Freeland on Thursday. But at the same time, many Canadians are finding it harder than before to pay their bills at the end of the month.she confessed.

Minister Freeland spoke with Toronto businessmen about the government’s plan to combat inflation. This is a series of events totaling $ 8.9 billion.

Photo: The Canadian Press / Cole Burston

Last month, Statistics Canada said annual inflation reached 6.8% in April. This was the highest level since January 1991. The federal agency is due to publish its May report on inflation next week.

Warmed up, says the opposition

The Conservative Party of Canada (CCP) believed that Mrs. Freeland’s speech [montrait] 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 erroneous economic approach destroys the income of Canadian workers and ignores the most fundamental principle of the economy: spending during the inflation crisis will only increase inflation.said Conservative officials in charge of finance and industry, Dan Albas and Gerard Deltel, in a joint statement issued Thursday afternoon.

Conversely, the New Democratic Party (NDP) called on liberals to take new action 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 goods and services tax this year will be equivalent to only $ 7.the party said in a 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 fact, $ 7 will not even allow the 12 million people who receive a tax credit on goods and services to buy chicken breast.

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The US Federal Reserve raised its key interest rate by three-quarters of a percentage point on Wednesday, the largest increase since 1994, leading economists to predict the Bank of Canada following suit in next month’s monetary policy move.

Twice in recent months, the Central Bank of Canada raised its key interest rate by 1.5 percent to 1.5 percent in June, and its chairman, Tiff McLeham, hinted that he was ready to act. with more energy if high inflation persists.