Madam Speaker, first, I would like to address the question of pollution pricing.
Our government knows that putting a price on pollution remains the most effective way to fight climate change while making life more affordable for Canadians. Not only does pollution pricing ensure it is no longer free to pollute anywhere in Canada, but for eight out of 10 Canadians who receive the climate action incentive payments, the federal pollution pricing system actually puts more money back into their pockets.
Climate action is no longer a theoretical political debate; addressing it is an economic necessity. The reality is that Canadians are confronted every day with more extreme events, such as floods, hurricanes and wildfires. A few months ago, the Parliamentary Budget Officer published an analysis showing that climate change has negatively impacted and will continue to negatively impact the Canadian economy. Responsible governments can only grow the economy and make life more affordable for Canadians if they have a responsible climate plan. The member opposite, respectfully, has neither a credible plan for the environment nor the economy.
However, I would also like to reassure my hon. colleagues that our government understands that many Canadians are struggling to make ends meet and that many are worried as our country's economy faces a period of slower economic growth due to the global challenge of high inflation and higher interest rates. Still, inflation in Canada is high and we know that Canadians are feeling it when they go to the grocery store, fill up their tanks and pay their rent. The good news is that there is no country better placed than Canada to weather the coming global economic slowdown and thrive in the years ahead. Our country has an AAA credit rating, has the strongest economic growth in the G7 so far this year, and the lowest deficit and net debt-to-GDP ratios in the G7. In fact, we have strengthened that advantage over the pandemic. Also, our unemployment rate continues to be near its record low.
We do appreciate that this will continue to be a difficult time for a lot of Canadians. It is a difficult time for our families, friends and neighbours. That is why the government is supporting Canadians who are most affected by inflation. For example, by doubling the GST credit for six months, we will deliver $2.5 billion in additional targeted support to roughly 11 million individuals and families, including more than 50% of Canada's seniors. I thank the member opposite for supporting that measure.
Canadians will even start to see some more of these targeted measures this week. On Thursday, December 1, Canadians can begin applying for the Canada dental benefit. That means the parents of kids under the age of 12 will be able to claim $650 per child for visits to the dentist.
We are also moving forward with new measures introduced in our fall economic statement a few weeks ago. For example, Bill C-32 would make the federal portion of all Canada student loans and Canada apprenticeship loans permanently interest-free, including those that are currently being repaid. We are making major investments in housing affordability, and our key benefits are indexed to inflation. We have a world-class child care program and have cut costs by more than 50% just this year, and we have reduced taxes for the middle class and for small businesses.
We will continue to work hard to make sure that life is more affordable in Canada and to grow an economy that works for everyone.