Mr. Speaker, indeed we live in rapidly changing times, uncertain times. Around the globe, trade relationships that help to ensure good jobs and affordable products are being disrupted. Here at home, the rise in tariffs is posing significant challenges to Canadians, and particularly to those working in trade-exposed sectors such as manufacturing. The Canadian government is also aware that the cost of living is putting financial pressures on Canadian families and small businesses.
The Prime Minister recently announced new measures to make groceries and other essentials more affordable. For example, in order to bring down costs for Canadians, Canada's new government is introducing the new Canada groceries and essentials benefit. It was formerly known as the goods and services tax credit. Also, we are increasing that amount by 25% for five years beginning in July. On top of that, we are providing a one-time payment this spring equivalent to a 50% increase in the 2025-26 value of the GST credit. Combined, this means that a family of four will receive up to $1,890 this year and about $1,400 a year for the next four years. A single person will receive up to $950 this year and about $700 a year for the next four years. I am proud to say that the new Canada groceries and essentials benefit will provide additional and significant support for more than 12 million Canadians.
Also, this government is setting aside $500 million for the strategic response fund, to help business owners address the cost of supply chain disruptions without passing the cost on to Canadians at the checkout line. For the same reason, we will create a $150-million food security fund under the existing regional tariff response initiative for small and medium-sized businesses and the organizations that support them.
We cannot control what other nations do, but we can control how we respond. As the member opposite may remember, on our very first day in office, we cancelled the divisive consumer carbon price, bringing gasoline prices down by approximately 18¢ per litre in most provinces and territories. Now we are delivering on a tax cut that will impact 22 million Canadians, one that will save a two-income family up to $840 this year. We are also eliminating the GST for first-time homebuyers on new homes up to $1 million. There are other things we are doing in relation to building Canada strong and building homes where they are needed.
This is an important time. It is an important time to invest in Canadians. I think of the national school food program, which impacts hundreds of thousands of children, in particular when I think of my riding of Sydney—Glace Bay. I have talked to teachers and families who have talked of the essential impact of that measure and how it creates healthier kids, provides dignity and, indeed, provides hope, not just for families but for the children it is designed to help.
I will conclude by saying that these are tough times. We have a government here that is compassionate and also fiscally minded when it comes to ensuring that we have the firepower to help people, and that is what Canadians do, in my opinion. Just like Cape Bretoners do back home, we help those in need, we help our brothers and sisters, and we help people we do not know.
These programs are designed to help people, giving them a leg up, and boy, across this world, these are trying times, as I started off with in my speech. However, I will say that I believe in Canada. I believe, and I have seen it many times in this chamber, that when we come together, we have good debate, but at the end of the day we need to put slogans aside and focus on solutions.