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

In his speech beforeImperial Club of Canadain Toronto, the minister first pointed out that the rise in the cost of living is global phenomenoncaused by the lingering effects of the COVID-19 pandemic, ongoing lockdowns in China, and Russia’s invasion of Ukraine.

She then detailed plan to make life more accessible the Trudeau government, which includes a number of measures stemming from two recent federal budgets, including the one that was introduced last April.

Among those :

  • $1.7 billion increase in Canadian workers’ benefits this year;
  • Increase Old Age Security (OAS) by 10% with up to $766 in new support starting in July;
  • Providing a lump sum of $500 to those who have difficulty finding affordable housing;
  • Reduce the cost of childcare by an average of 50% by the end of the year and bring it to an average cost of $10 per day by 2025-2026;
  • By 2025, provide free dental care to Canadian households with incomes below $90,000, and starting this year to children under 12;
  • Increase Income Guaranteed Supplement (GIS), Canada Pension Plan benefits, Canada Child Benefit, and GST credit.

Jobs are plentiful, trade is boomingsaid Ms Freeland on Thursday. But at the same time, many Canadians have found it harder than before to pay their bills at the end of the month.she admitted.

Minister Freeland told Toronto business people about the government’s plan to fight inflation. This is a set of measures totaling $8.9 billion.

Photo: The Canadian Press/Cole Burston

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

Warm up, say the opposition

The Conservative Party of Canada (CCP) felt that Ms. 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 misguided economic approach drains the incomes of Canadian workers and ignores the most fundamental principle of economics: spending during an inflationary crisis will only fuel inflation.Conservative finance and industry representatives Dan Albas and Gerard Deltel said in a joint statement released Thursday afternoon.

On the contrary, the New Democratic Party (NDP) urged liberals to take new measures. 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 GST tax credit will be the equivalent of just $7 this year.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 prevent the 12 million GST recipients from buying even a chicken breast.

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The US Federal Reserve on Wednesday raised its key interest rate by three-quarters of a percentage point, the biggest increase since 1994, with leading economists predicting the Bank of Canada will follow suit in its next monetary policy move next month.

Canada’s central bank has raised its key rate by half a percentage point twice in recent months, to 1.5% in June, and its governor, Tiff Macklem, has hinted that he is ready to act. with more energy if inflation continues to be high.