Madam Speaker, I am thankful for the opportunity to contribute to today's debate.
As our allies worldwide are moving forward with measures to make their economies greener and cleaner, it is really unfortunate to see that some of our hon. colleagues still do not understand the benefits of our approach. They like saying that our pollution pricing system is making people poorer, chumming the water with hyperinflated misinformation based on the worst-case scenarios of a future where we do nothing to combat climate change.
The truth is, in fact, that today, right now, pollution pricing is putting more money back in the pockets of Canadian households. In 2022-23, through the climate action incentive payments, an average family of four received $745 in Ontario, $832 in Manitoba, $1,101 in Saskatchewan and $1,079 in Alberta. In addition, those living in rural and small communities received an extra 10%.
Clearly, it appears that my colleagues from the official opposition would prefer that we just wait and take no action to address climate change. They would prefer that Canadian households just keep riding the roller coaster of international oil prices, while the cost to our environment, our health and our communities from climate change just keeps adding up. This is by no means a viable option for our country.
At the end of March, our government released budget 2023, our made-in-Canada plan for a strong middle class, an affordable economy and a healthy future. It comes at an important moment for our country.
I will be splitting my time with the member for Lac-Saint-Louis. He is a proud Quebecker, who I am sure will share his important perspective.
To go back to my remarks, I will begin by speaking about the state of the Canadian economy today. Last year, Canada delivered the strongest economic growth in the G7, and our economic growth was stronger than expected in the first quarter of this year; I think it was 3% or 4%. There are 900,000 more Canadians working today than there were when COVID first hit. Our unemployment rate is just 5%, and it has remained near a record low for five months in a row. We have recovered 129% of the jobs lost to COVID, compared with just 115% in the United States.
Inflation was 4.4% in April, down from a peak of 8.1% last June, and the Bank of Canada predicts that inflation will drop to just 2.5% by the end of this year. Even with a slowing economy driven by elevated interest rates in Canada and around the world, our deficit is projected to be lower than it was last year, down to just 1.4% of the GDP. Our deficit and our net-to-GDP ratio are the lowest in the G7 and lower than those of other large AAA-rated economies, such as Australia and the Netherlands.
This strong economic foundation underpinned the budget our government released in March. Bill C-47, the budget implementation act, is currently at committee stage. It would implement many of the key measures outlined in our budget, including new targeted investments to make life more affordable for Canadians.
As I mentioned earlier, in Canada, inflation has come down significantly from its peak of 8.1% in June. However, we all know that it is still too high, and it is still making it difficult for many Canadians to make ends meet and put food on the table. Groceries are more expensive today, and for many people, higher prices on other essential goods are causing undue stress. That is why budget 2023 announced new targeted inflation relief to help support the most vulnerable Canadians with the cost of living. This includes the introduction of a one-time grocery rebate, providing $2.5 billion in targeted inflation relief for 11 million low- and modest-income Canadian families.
I am pleased to say that, with royal assent to Bill C-46, the grocery rebate will be delivered to eligible Canadians on July 5, 2023, by direct deposit or cheque through the Canada Revenue Agency. This means that eligible couples with two children will receive an extra $467, single Canadians without children up to an extra $234 and seniors an extra $225 on average. However, the Conservatives voted against every one of these measures. This is much-needed inflation relief that will be in the pockets of Canadians in just over a month. This is just one of example of a suite of measures announced in budget 2023 to help make life more affordable.
As another example, to support hard-working small business owners, budget 2023 outlined the government's efforts to work closely with small businesses and the payment card industry to lower these fees. Another important measure in the budget includes working with regulatory agencies, provinces and territories to reduce junk fees for Canadians. The budget also takes action to crack down on predatory lending. Predatory lenders can take advantage of some of the most vulnerable people in our communities, including low-income Canadians, newcomers and seniors, often by extending very high interest rates. With budget 2023, our government is taking action by proposing to lower the criminal rate of interest from the equivalent of an annual percentage rate of 47% to 35% and imposing a cap on payday loans.
Budget 2023 announced that the federal government will increase the number of Canadians eligible for File my Return to two million people by 2025, almost triple the current number. Budget 2023 also announced that, starting next year, the CRA will pilot a new automatic filing system. This will help vulnerable Canadians who do not currently file their taxes to receive the benefits to which they are rightly entitled.
The government knows that the higher cost of living means that students still need support to afford an education and pursue their dreams. Budget 2023 also proposed enhanced support for students for the 2023 school year. This included increasing Canada student grants by 40%, providing up to $4,200 for full-time students, raising the interest-free Canada student loan limit from $210 to $300 per week of study, and waiving the requirement for mature students aged 22 years or older to undergo credit screening in order to qualify for federal student grants and loans for the first time.
The members opposite like to make up big-cost numbers for the year 2030 and pull them forward as though they are happening right now, all the while ignoring the real damage that climate change is inflicting in our communities, whether it is through fires, floods, coastal erosion or storm damage. Meanwhile, we are helping people in the here and now in budget 2023, with measures that build on significant investments our government has made since 2015 to support Canadians and make life more affordable. These measures include reducing fees for regulated child care by 50% on average, to deliver regulated child care that costs an average of just $10 a day by 2026; increasing old age security benefits for seniors aged 75 and older by 10%; supporting about 3.5 million families annually through the tax-free Canada child benefit; enhancing the Canada workers benefit for our lowest-paid and often most essential workers to support up to 4.2 million Canadians annually; and permanently eliminating interest on Canada student loans.
In conclusion, making life more affordable for Canadians has been a priority for our government since 2015, and it remains a priority. As I have outlined, budget 2023 builds on key investments from our government throughout the years, as we continue to make targeted and responsible investments to build a stronger economic future for all Canadians. As with previous inflation relief, this new support has been carefully designed to have the biggest impact on those that need it most and, at the same time, to avoid exacerbating inflation.
