Mr. Speaker, it is my pleasure to have the opportunity to elaborate on what the government is doing to help Canadians with their day-to-day costs.
We know that Canadians need immediate relief, and we are delivering it. The government is providing help to more than 12 million low- and modest-income Canadians to afford day-to-day necessities through the new Canada groceries and essentials benefit. Specifically, we are providing a one-time top-up to be paid on June 5, which is equal to a 50% increase to the annual 2025-26 value of the GST credit. This will deliver $3.1 billion in immediate assistance to 12 million Canadians who currently get the GST credit. We are also increasing the value of the benefit by 25% for five years, starting in July 2026. This will deliver $8.6 billion in additional support over the next five years.
Combined, these measures mean that a family of four will receive up to $1,890 this year and about $1,400 annually for the next four years. A single person will receive up to $950 this year and about $700 annually for the next four years.
The benefit is only one example of the many ways the government has the backs of Canadians. It is in addition to the existing benefits, such as the Canada child benefit, the Canada disability benefit and the guaranteed income supplement. We are fulfilling the pledge to make life even more affordable for families.
Canada's new government is also using the improvement in the fiscal outlook associated with the 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 today, April 20, until August 31, 2026, delivering over $2.2 billion in relief for Canadians. This temporary suspension of excise tax 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 fuel tank.