Mr. Speaker, we are here today to talk about Bill C-38.
Everyone knows that we have been experiencing tumultuous times for over a year now. During the 2025 election, we made a firm commitment to be there to help Canadians, and that is what we have been doing since our new government took office. We have introduced measures to improve affordability for Canadians. We are also laying the foundation for a more long-term economic vision to build a stronger and more resilient economy, while addressing all of the challenges posed by the unfair trade war. We have introduced programs to help workers and businesses weather the storm. Obviously, what we are focused on this evening, particularly in our debates, is how to support families and make life more affordable. Since we very first took office, we have truly stayed the course. We are doing what we said we would do and we are laying the foundation for a stronger, more solid economy in the future.
We have already implemented many affordability measures. Earlier, it was interesting to hear my colleague opposite talk about the current military conflict and the impact that it is having on gas prices. If I recall correctly, last spring, when we began talking about the potential effects of this military conflict, many of the members opposite were laughing and saying that we were making something out of nothing. Today, it is very clear. Every time Canadians go to the pumps, they see just how much of an impact conflicts and the geopolitical situation around the world can have on us.
What we are proposing today are in fact measures to extend the suspension of the excise tax that we announced in the spring. We announced earlier this month that we would extend the temporary suspension of the federal fuel excise tax until January 31, 2027. We will then gradually reduce it by 50% until the end of March 2027.
Like all the measures we have taken since the beginning of our new government's mandate, these measures are well thought out, gradual and rooted in reality. We live in the real world, in the real world that Canadians live in. We want to take time to review the situation and see if it will change. That is why we are taking this gradual approach. That will really help reduce the daily expenses of families and Canadians, and it will help businesses in the food, agriculture, housing, construction and delivery sectors.
With the suspension we announced in the spring, which has been extended, the federal excise tax of 10¢ a litre on gasoline and four cents a litre on diesel has been suspended. It is estimated that this will save about $5.75 per tank of gas. Assuming that many families fill up about once a week, that adds up to fairly significant savings at the end of the year. This is just one of many examples of everything we are doing to continue to help Canadians deal with the challenges of our times, including the cost of living.
We are doing all this while also laying a solid foundation for the economy, as I said earlier. We currently have the strongest growth in the G7. We just returned from an exceptional week during which people from around the world converged in Toronto because everyone is interested in what is happening in Canada, and in the message our government is sending to businesses and investors, both foreign as well as major Canadian pension funds. That is why, last week, we saw record commitments to invest $500 billion here in Canada.
Suspending the excise tax is one measure among many aimed at making life more affordable for Canadians. We have announced, implemented and extended several such measures since the beginning of our mandate.
What is clear from our actions is that our government will continue to be there for Canadians. The social programs we have put in place continue to play a central role and are truly the key to everything we do. We will not leave any Canadian behind. We know that many families are struggling to make ends meet. People do not need abstract promises. They need tangible, immediate and lasting support. That is what we have been doing since we took office, since our new government's mandate began last year in April 2025.
I will mention a few measures that we have put in place. There is the Canada groceries and essentials benefit, which helps 12 million Canadians. As we speak, those 12 million Canadians are already benefiting from a GST credit supplement that will truly provide them with additional support. This assistance will provide a family of four with up to $1,890 in the first year and then $1,400 a year in subsequent years. That is real support for groceries, bills and everyday expenses. However, that is not all that we have done. We have also eliminated the federal consumer fuel charge. That measure was made official a year ago when Bill C-4 was passed.
We have also reduced income tax for nearly 22 million Canadians. We lowered the tax rate for the first income bracket from 15% to 14%. These are tangible savings that add up. Earlier, my colleague mentioned the launch of the Canadian dental plan. When I talk to people in my riding, Trois-Rivières, I see that the cost of living is a key concern for them. It is a top priority, just like the tariff war and the economic situation. These are the issues that matter most to them. People are always talking to me about the dental plan. When I visit seniors' residences, people are always talking to me about the dental plan. It changes people's lives. It provides real support to families who are not fortunate enough to have very generous insurance plans. Being able to count on the dental plan makes a real difference.
We have also eliminated the GST for first-time buyers of homes costing less than $1 million. Of course, this is in addition to all the work we are doing to make housing more affordable, particularly through Build Canada Homes. Naturally, we are building affordable housing and social housing across the country, but it is also important to support Canadians, particularly young families, so that one day they can plan on getting on the property ladder. These are concrete measures.
We have also introduced measures to reduce the costs associated with the banking system. We know that, sometimes, when families are struggling, cheques can bounce. One thing leads to another and then another, increasing stress for people and families who are struggling to make ends meet. That is why we have set a $10 cap on the fees banks can charge customers when their accounts are overdrawn.
In closing, I will say that we are here for Canadians. We have proven it through concrete measures. Extending the fuel excise tax holiday is one of the other measures we have already taken. It is true that we are living in difficult times. It is true that Canadians everywhere are going through tough times, but on this side of the House, we will always be there to help Canadians by making life more affordable.