Mr. Speaker, the member is saying it is not true. Yes, it is.
It is more important than ever that we find opportunities for improvement that are within our control. We need to control what we can. We know that Canadians are feeling the pressure of everyday expenses right now, especially when it comes to the cost of fuel. Canadians and consumers around the world are facing higher prices at the pumps, creating uncertainty and pressure on household finances. This is stemming directly from the events that are unfolding in the Middle East right now.
This is why, on April 14, the Prime Minister announced a temporary suspension of the federal fuel excise tax on gasoline, diesel and aviation fuels across Canada. The suspension started on April 20 and will remain in effect until Labour Day. We are expecting that this will reduce Canadians' bill at the pumps by up to 10¢ per litre on gasoline and up to four cents per litre on diesel. This is adding to the 18¢ reduction from the carbon tax that we removed when we came into power last year.
This is also in addition to the other measures we have put in place to support Canadians. We introduced the Canada groceries and essentials benefit to make everyday essentials like groceries more affordable. I know my colleagues across the aisle will mock this, but this measure builds on the GST credit and will provide additional support for more than 12 million Canadians. This is going to start with a one-time top-up next week, on June 5. Combined with a 25% increase in the benefit for five years as of July, a family of four will receive up to $1,890 this year, and a single person up to $950 in 2026. This is money in the pockets of Canadians. This is money that can help families make ends meet at the end of the month. This is money that can provide relief.
We also know that a big part of taking things into our own hands is making life more affordable for Canadians. That is why Bill C-30 is proposing to extend the grace period during which homeowners are not required to start repaying their homebuyers' plan withdrawals from the RRSP from two years to five years. The homebuyers' plan helps eligible homebuyers save for a down payment by allowing them to withdraw up to $60,000 from an RRSP to purchase or build their first home, something the Conservatives voted against, or a home for a specified disabled person, without having to pay tax on the withdrawal. This extended grace period already applies to withdrawals made between 2022 and 2025 and provides relief of up to $4,000 per individual per year for three years, over which they are not required to repay the amount into their RRSP.
Everyone deserves a roof over their head. That is why our government is taking action and putting housing and home ownership within reach of more Canadians.