Madam Speaker, it is good to see you in the Speaker's chair. I am thankful for the opportunity to take part in today's debate.
As hon. members are aware, one of the things the Prime Minister did upon assuming his responsibilities was to introduce regulations ceasing the application of the federal consumer fuel charge, effective April 1 of this year. As we also know, one of the first things our government did at the beginning of this parliamentary session was introduce Bill C-4, which would take a further step by completely repealing the consumer carbon price from Canadian law.
For the purpose of considering today's motion, it is important to bear in mind, however, that this is not the only thing that Bill C-4 would accomplish. Of particular relevance to today's motion is the fact that Bill C-4 would cut taxes for nearly all Canadians.
In our government's Speech from the Throne, we outlined our bold and ambitious plan for the future, and key to this plan is bringing down costs so Canadians can keep more of their paycheques to spend on what matters most to them. To make that happen, we introduced Bill C-4, the making life more affordable for Canadians act, which is before Parliament for consideration. There are a couple of ways this bill would save money for all Canadians, including those in the province of Quebec.
Upon receiving royal assent, the bill would first legislate the delivery of our government's middle-class tax cut, providing tax relief for nearly 22 million Canadians and saving two-income families up to an average of about $840 a year in the year 2026. More specifically, this would be accomplished by reducing the lowest marginal personal income tax rate from 15% to 14%, effective July 1, 2025. This would help hard-working Canadians all across Canada, in all provinces and territories, keep more of their paycheques to spend, as I said, on what matters most to them. It would mean more money for groceries, kids, housing-related costs and whatever matters most to those families.
To start with, this middle-class tax cut is expected to provide $2.6 billion in tax relief to Canadians over the next six months and $5.4 billion in the year 2026, which would be the first full year when the tax rate is 14%. Then, going forward, the middle-class tax cut is expected to deliver over $27 billion in tax savings to Canadians over five years, starting in 2025-26. As we have made clear in the course of the debate on Bill C-4, most of the benefits of this tax cut would go to the hard-working Canadians who need it most. A core principle for the government, as it always has been for the Liberal Party of Canada, is to help those who need it most first and prioritize them in all of our policy development and work—