Mr. Speaker, I am thankful for the opportunity to participate in this evening's committee of the whole debate on the main estimates.
Before I get into the topic at hand, I would like to take a moment to highlight some of the measures that are so important to the people of my constituency of Toronto—St. Paul's and that our new government is taking to build the strongest economy in the G7 and bring down the cost of living, measures I know the Minister of Finance in particular has been leading on.
Since being elected two months ago, we are already focused on delivering a plan to address the cost of living challenges that have eroded Canadians' quality of life, change that puts more money in the pockets of Canadians, change that builds a more affordable Canada.
The government is well aware of the affordability challenges that have long impacted low-income and vulnerable Canadians and are now having serious impacts on middle-class households. Rents have gone up, and home prices have gone up. A generation of young Canadians are questioning whether they can afford a place to live today and whether they will be able to own a home of their own tomorrow.
That is why the government is taking immediate action to address this crisis, and key to that plan is bringing down costs so Canadians can keep more of their paycheques and spend where it matters most to them.
The government will be eliminating the GST for first-time homebuyers on new homes at or under $1 million. This tax cut alone will save Canadians up to $50,000, allowing more young people and their families to enter the housing market and realize the dream of home ownership. By eliminating the GST, Canadians will face lower upfront housing costs and keep more money in their pockets. It will also have a dynamic effect on increasing supply, spurring the construction of new homes across the country.
We are also delivering a middle-class tax cut that will provide relief for nearly 22 million Canadians and save families up to $840. Canadians will start seeing these tax savings on their paycheques as of July 1, when the rate is adjusted.
We are now formalizing the cancellation of the consumer carbon price, which took effect on April 1.
With these measures, together we are delivering change that will affect people in their day-to-day lives, cut taxes, bring down costs and, most importantly, put money back in the pockets of Canadians.
Turning to the main estimates and some of the spending measures we have laid out, a major element of Finance Canada's portion focuses on Canada's universal public health care system, something that is so important to Canadians.
I am proud of Canada's universal health care system and the workers who uphold it, but they are under enormous strain, and it has been a challenge for Canadians to receive the high-quality care they expect. Patients seeking emergency care have found emergency rooms overwhelmed. Surgeries have been postponed or cancelled.
In the past, the government delivered urgent, much-needed investment to strengthen our public health care system. In budget 2023, the government delivered a plan to provide an additional $198.3 billion over 10 years.