Mr. Speaker, Canadians are living through a period of economic uncertainty shaped by global instability and rising costs. In response, this government continues to focus on what we can control, not on one specific measure, by looking at the total picture: building a strong Canadian economy, diversifying our trade partners abroad, delivering responsible fiscal management and supporting Canadians who are under pressure from everyday expenses. People across the country are worried about the price of essentials like fuel, food, housing and daily necessities. That is maybe why the member heard about housing.
This government understands those pressures, and we are taking concrete, responsible action to ease the burden while safeguarding long-term economic stability. This includes immediate support on daily costs. In April, we temporarily lifted the excise tax on gasoline and diesel through the summer months, initially planned until Labour Day. On the first day of implementation in April, gasoline prices declined by 11¢ per litre, delivering immediate relief to consumers. We also ended the fuel charge last year. On September 2, we announced an extension of the measure until January 31, 2027, after which we will apply 50% of the regular excise tax rate from February 1 to March 31, 2027.
All told, this is estimated to provide $5.3 billion in tax relief for Canadians, of which $2.9 billion is from the September extension. This pause on the excise tax lowers prices at the pump and helps reduce transportation and production costs across the economy, supporting families, truck drivers and the businesses that rely on them to move goods. Many businesses also get back the GST on fuel through their income tax returns.
The government also introduced the new Canada groceries and essentials benefit to provide additional significant support to more than 12 million Canadians. It is based on the goods and services tax credit, but it is more generous. As of July 2026, payment amounts have increased by 25% for five years, and in June, those 12 million Canadians received a one-time top-up payment. Combined, this means that a family of four will receive up to $1,890 this year and a single person up to $950.
We know that housing affordability continues to challenge many Canadians, just like the price of fuel, especially those trying to purchase their first home. That is why we eliminated the GST for first-time homebuyers on new homes valued up to $1 million, a measure that can provide savings of up to $50,000.
Taken together as a whole, these and other actions reflect a balanced approach, immediate cost relief, targeted support for those who need it the most, and prudent management of the public purse, which the member opposite and his team often suggest to us. This government continues to respond to affordability pressures with fairness, discipline and a focus on results for all Canadians.