Mr. Speaker, I welcome the opportunity to contribute to today's debate, particularly as we navigate a period of geopolitical volatility and significant change. Disruptions to global energy infrastructure caused by ongoing military conflicts in the Middle East are driving higher fuel costs, creating economic uncertainty for families in Canada and across the world.
While governments cannot control global events, I can assure my hon. colleagues that Canada is doing what it takes to support Canadians facing the financial effects of this and other crises, not only because we know it is the right thing to do, but because we want more Canadians to be able to support their families and contribute to our country's long-term national prosperity.
As I just mentioned, higher fuel prices driven by global conflicts are adding stress to household budgets in Canada and across the globe. That is why today we are taking further action to help Canadians manage these challenges, as was just announced by the Prime Minister.
Canada's new government will use the improvement in the fiscal outlook associated with higher oil prices to provide targeted relief to households and businesses. Specifically, we are reducing pressure on fuel prices at the pump by suspending the application of the federal fuel excise tax on gasoline and diesel, effective next Monday, April 20, 2026, until September 7, 2026, delivering over $2.2 billion in relief.
This temporary suspension of excise taxes for gasoline and diesel is expected to save Canadians up to an estimated $5.75 on regular gasoline and up to $2.30 on diesel when filling up a typical 50-litre tank of fuel. Now folks will have no reason not to come visit my beautiful home province of Nova Scotia this summer.
Today's announcement is just the latest measure our government has announced to help Canadians manage affordability concerns and build a stronger future for everyone.
Since taking office, our government has taken considerable, concrete and targeted steps to put more money in Canadians' pockets. My hon. colleagues will recall that one of the first things the Prime Minister did last year was to cancel the consumer fuel charge, directly allowing Canadians to save money from the price they were paying at the pump. Our government also removed the requirement for provinces and territories to have a consumer-facing carbon price as of April 1, 2025, at that time.
Our middle-class tax cut, which lowered the first marginal personal income tax rate from 15% to 14% since July 1, 2025, will save two-income families up to $840 in 2026. Going forward, it is expected to deliver over $27 billion in tax savings to Canadians over the next five years. What is more, the bulk of tax relief will go to those with incomes in the two lowest tax brackets, that is, those with taxable income under $117,045 in 2026, including nearly half to those in the first bracket, $58,523 and below in 2026. This means the relief is effectively targeted at those Canadians who need help most.
By eliminating the GST for first-time homebuyers on new homes at or under $1 million and reducing it for first-time homebuyers on new homes between $1 million and $1.5 million, our government is also saving first-time homebuyers up to $50,000, making the goal of home ownership a reality for more Canadians, especially young Canadians.
Moreover, we tabled budget 2025, “Canada Strong”, which includes numerous affordability supports for people across the country. For example, we made the national school food program permanent, a program that helps 400,000 more children each year receive healthy meals every day, while saving families with two children $800 per year on groceries. By making it permanent, we will work with provinces, territories and indigenous partners to expand the program into more schools across Canada.
The budget also proposes to start automatically delivering federal benefits to low-income Canadians. That includes the GST credit and the Canada child benefit. We will continue protecting child care, dental care and pharmacare to maintain these essential services so many Canadians depend on.
Moreover, to support Canadians with the cost of groceries and everyday essentials, which have stretched many Canadians' wallets thin, the government has also announced the new Canada groceries and essentials benefit, which will provide significant support for more than 12 million Canadians. When it becomes available this spring, the CGEB will replace the existing GST credit, but it will also be more generous.
First, we are providing a one-time top-up payment to be paid as early as possible this spring, equal to a 50% increase in the annual 2025-26 value of the GST credit. Second, we will increase the benefit by 25% for five years, starting in July 2026. 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, and a single person will receive up to $950 this year and about $700 a year for the next four years.
That is not all. Let us listen to this. We also recently took action to put a cap on NSF, non-sufficient funds, fees to make banking fairer and more affordable for Canadians. As of March 2026, consumers cannot be charged more than $10 in NSF fees when they do not have enough money in their personal deposit account to cover a payment. Also, consumers will not be charged an NSF fee more than once in a period of two business days for the same personal deposit account, and consumers will not be charged NSF fees on a personal deposit account when the amount of their overdraft in the account is less than $10.
To support Canadians amid ongoing global energy market disruptions, we are delivering timely, meaningful and tangible relief through a comprehensive set of actions that will put more money in Canadians' pockets. Canadians need relief. That is clear as day. This government is absolutely delivering for them, as well as for generations of Canadians to come. I am thankful for the opportunity to make my case.