Mr. Speaker, government is well aware that affordability is the single most pressing issue for Canadians, which is why we focused on delivering targeted support where it matters most.
The world is changing rapidly, and not always for the best. It is increasingly fragmented, complex and unstable, and for far too many, it is also more expensive. We cannot control the conflict in the Middle East, the war in the Ukraine or the tariffs that are transforming global trade, but what we can choose to respond to is building the strongest economy in the G7 and providing targeted supports to those who need it most.
Over the past number of months, we have supported Canadians with concrete measures to make everyday life more affordable. To make essentials, such as groceries, more affordable, we introduced the Canadian groceries and essentials benefit. This measure builds on the GST credit and will provide additional support for more than 12 million Canadians, starting with a one-time top-up on June 5. Combined with a 25% increase to the benefit over five years, as of July, a family of four will receive up to $1,890 a year and a single individual will receive up to $950.
To lower costs for Canadians, we have suspended the federal fuel tax on gasoline, diesel and aviation fuels until Labour Day. This measure is expected to reduce the cost of filling up at the pump by more than $5 on a 50-litre tank. Benefiting more than 25 million Canadians, it will reduce operating costs for truckers and businesses in the food, agriculture, housing and construction industries.
We have also lowered the first marginal personal income tax rate from 15% to 14%, providing tax relief for 22 million Canadians. In 2026, this change means savings of up to $420 a person or $840 for a two-income family.
More than 6.5 million Canadians can now access affordable dental through the Canadian dental plan. We have also made the national school food program permanent to provide meals for up to 400,000 children each year. This program saves families with two children participating in school up to $800 on groceries.
First-time homebuyers are saving up to $50,000 through the removal or reduction of the goods and services tax on eligible new homes. Canadians are now paying less in banking fees as well with the changes that we have made to banking fees in this year's budget. We have also expanded access to low-cost and no-cost bank accounts for Canadians, with up to 50% more debit transactions at a cost of no more than $4 a month.
These measures are making life more affordable for Canadians.
In the spring economic update, we announced the intention to reduce the contribution rate to the Canadian pension plan base rate from 9.9% to 9.5%, effective January 1 of next year. This was achieved due to the co-operation of all provinces.
We look forward to introducing more measures and making life more affordable for Canadians.