Mr. Speaker, it is always a pleasure to hear from my colleague.
The agricultural sector is an incredibly important sector in Canada. I think the minister had explained in that answer why that decision was made. I am pleased to hear, in terms of the five priorities he outlined, that the consumer carbon tax was eliminated as one of the very first acts of this government.
As we know, the global economy is more than a year into a profound rupture, with economic security, industrial policy and geopolitical competition increasingly shaping economic, financial and supply chain decisions. In addition, heightened geopolitical tensions, including recent events in the Middle East that disrupted global energy markets and shipping routes, have further underscored the fragility of global supply chains and are now contributing to elevated uncertainty.
We, as a government, have been relentlessly focused on bringing down costs for Canadians, because when Canadians keep more of the money they earn, they can better support their families, invest in their communities and build the future they want. Of course, that includes Canadians in all industries, including the agricultural one.
Since July 1, 2025, Canadians have been paying less tax, after the government announced lowering the first marginal personal income tax rate from 15% to 14%. We, as a House and Senate, adopted that as our very first law. The rate reduction applies to taxable incomes of up to $58,523 in 2026. This change ensures that nearly 22 million Canadians benefit from tax relief of up to $420 per person, saving two-income families up to $840 this year. Notably, most of the tax relief will go to Canadians with incomes in the two lowest tax brackets.
Canada's new government is also using 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 April 20, until August 31, 2026, delivering over $2.2 billion in relief. The temporary suspension of the 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 tank of fuel.
To make everyday essentials like groceries more affordable, we introduced the Canada groceries and essentials benefit, which builds on the GST credit and will provide additional support for more than 12 million Canadians.
We are providing a one-time payment equivalent to a 50% increase in the 2025-26 value of the GST credit, which will be delivered on June 5, and we are increasing the benefit by 25% for five years, beginning in July 2026. We are also setting aside $500 million from the strategic response fund to help businesses address the cost of supply chain disruptions without passing those costs on to Canadians at the checkout line. We are creating a $150-million food security fund under the existing regional tariff response initiative for small and medium-sized enterprises and the organizations that support them.