Mr. Speaker, let me begin by saying that I will be sharing my time with the member for Madawaska—Restigouche.
Before I begin my speech, I would like to wish all my colleagues here in the House a happy Thanksgiving. I hope they have a good time with their families and enjoy this time in their ridings.
Once again, we find ourselves debating a Conservative Party motion that is long on slogans but short on substance. Canadians deserve a serious government that is capable of having serious conversations about how to grow our economy.
While the Conservatives continue to trash-talk Canada, our government is working to build a stronger, more resilient Canadian economy, the strongest in the G7. To achieve that, we are investing in Canadians, in Canadian innovation and in the industries that will define the next generation of growth.
Our government is well aware that many Canadians are struggling to make ends meet. They have a lot of bills to pay, housing is expensive and buying food to feed a family costs a lot. We understand this reality, and that is why Canadians gave this government a mandate to take concrete action that would make life more affordable. Canadians did not put their trust in the Conservatives for one very simple reason: They did not offer Canadians a plan for the economy, they offered them tired slogans and hollow rhetoric.
Let us recall the facts: Canada has the lowest net debt-to-GDP ratio and the lowest deficit in the G7. We have a AAA credit rating from all the major agencies, making us one of only two G7 countries that can claim that distinction. Our inflation rate has remained within the Bank of Canada's target range for over a year and a half, and our policy interest rates are lower than policy interest rates in the United States or the United Kingdom. These are not slogans; these are facts. These are results that people can count on.
Canada's new government is focused on implementing a plan to overcome the cost of living challenges affecting Canadians across the country. On November 4, the Minister of Finance and National Revenue will table our government's first budget, which will lay out our plan to build a stronger and more resilient economy. It will include investments in housing and infrastructure that will encourage significant private sector investment and help build new reliable partnerships.
Since forming government, we have taken several steps to help Canadians and to put more money in their pockets. I will provide some examples. One of the very first measures we took as the new government was to give a tax break to the middle class to help hard-working Canadians keep more money in their pockets. Nearly 22 million Canadians are already benefiting from our middle-class tax cut.
This tax cut will help double income families save up to $840 in 2026. In the future, it should help Canadians save more than $27 billion in taxes over the next five years. This reduction in the income tax threshold will benefit Canadians across the country, and most of the tax cut for the middle class will go to people in the two lowest tax brackets, with nearly half going to those in the first bracket, which is $57,375 and below in 2025.
Thanks to this tax cut for the middle class, the lowest marginal tax rate has been reduced from 15% to 14% effective July 1, 2025. This tax cut is helping hard-working Canadians to keep more of their paycheque to spend where it matters most.
Our government is also fully aware that Canada is in the midst of a housing crisis. Although improvements have been noted recently in many cities, too many Canadians, particularly young people, are having a hard time finding affordable housing. That is why our government is implementing a new and ambitious approach to increase the housing supply in Canada.
For example, our government will remove the GST for first-time buyers of new homes priced at $1 million or less and reduce the GST for first-time buyers of new homes priced between $1 million and $1.5 million. This is significant relief, as first-time homebuyers can save up to $50,000 in total. This tax cut is expected to save Canadians $3.9 million over five years. With this GST relief, we are ensuring that first-time homebuyers, especially young people, have lower upfront costs and more money in their pockets for related expenses.
I am pleased to see that this tax cut will also have a dynamic effect on increasing supply by stimulating the construction of new homes across the country. Our commitment to help build more homes from coast to coast to coast does not stop there. We also recently launched Build Canada Homes, a brand new federal agency tasked with building affordable housing on a large scale. Build Canada Homes will rapidly build affordable prefabricated housing on federal lands.
The agency will also help tackle homelessness by building transitional and supportive housing in collaboration with provinces, territories, municipalities and indigenous communities.
It will help keep community housing very affordable for low-income households. It will speed up housing construction, create jobs and give private builders the certainty they need — and I do mean certainty — to build even more. Build Canada Homes aims to transform private-public sector collaboration by using modern construction methods and by fostering an all new Canadian housing industry.
Through all of these measures, our government is reducing taxes, lowering costs and giving money back to Canadians. However, while ongoing support for Canadians is important, we also understand the vital need for continued prudent management of Canada's finances.
We are guided by a new fiscal discipline. We will spend less and invest more. We will balance government operating expenses and revenues over the next three years by cutting waste, capping the public service, ending duplication and deploying technology to improve public sector productivity.
The Minister of Finance and National Revenue will present the details of the new budget plan to the House on November 4.
Our government has also eliminated the consumer carbon tax to refocus carbon pricing on large emitters.
With all these measures, our government is lowering taxes, bringing down costs and putting money back in the pockets of Canadians.
The federal budget will be comprehensive, effective, ambitious and prudent. It will focus on growth, productivity and long-term prosperity. It will meet this moment, build the strongest economy in the G7 and build a strong and free Canada.
Meanwhile, the Conservative Party's plan, if one can call it that, changes from week to week. One day, they promise all kinds of cuts; the next, they pretend to support investment. They talk about helping Canadians, but they vote against measures that make life more affordable. They voted against dental care, pharmacare, the national school food program, affordable housing and clean energy projects in their own ridings.
They claim to stand up for workers, but they oppose investment liberalization in pensions to boost productivity and support good jobs here at home. They say they care about competitiveness, but they oppose investment tax credits that attract new industries to Canada.
Canadians are not falling for it. When it is time to act, the Conservatives have no plan, only political stunts. They say that they balanced the budget, but it was a sleight of hand. They just fudged the numbers. They were able to balance the budget not by strengthening the Canadian economy, but by cutting frontline services, selling off assets and cutting corners on the backs of Canadians.
They were able to do it—