Mr. Speaker, I am really pleased this morning to stand and reference various areas in the fall economic statement. It was a very good statement that gave us an opportunity to see a focus on some of the areas that the government and all members of the House, I am sure, are concerned about and supportive of, especially for the residents of Humber River—Black Creek. The help for the cost of living, for dental care, for rent and for numerous other issues has been received very well by the residents of Humber River—Black Creek.
When the government released the 2022 fall economic statement, it talked about making life more affordable, which is something we hear a lot about and something we know is very important, and how we continue to grow an economy that works for absolutely everyone. The statement outlines a plan for continued support to help all Canadians with the cost of living and to build a Canada where no one is left behind. We are committed to continuing to help families cope with the increasing costs that we hear about every day and that we see every day when we go to the grocery store and to checkout counters.
Part of this is about making housing more affordable, which is another issue. Even in this morning's news, the top story was talking about housing affordability, and I believe the fall statement tries to address some of that. It also tries to strengthen and build a thriving net-zero economy with opportunities and jobs of the future. Amid global economic uncertainty and a reckless trickle-down economics approach pushed by some here in the House that benefits the wealthy, we are staying focused on making life more affordable for everyone and building an economy that will work for everyone.
We are investing in Canadians, including by eliminating interest on student loans and apprentice loans. I have been here long enough to have met many times with student unions from all universities across the country. They continually talk to us about how difficult it is to get student loans and how the interest continues to climb. Finally taking some action on that is extremely helpful and is very appreciated by that particular part of the community. Apprentice loans are another issue, and giving people time to get a job and additional time before they have to start repaying loans is important. With interest rates rising, eliminating the interest on those loans would be very much appreciated.
We are also talking in the economic statement about helping people buy their first home. I can say how important that is. We all know that. We all have grandkids or kids who are looking to buy their first home, and the fact that now they will have a $40,000 tax-free first home savings plan will really be a boost for the housing industry. It will be very helpful for many young people who are trying to buy their first home. It will also continue to attract investment in our clean economy and help create good, solid jobs.
Everyone should have a safe and affordable place to call home, and this is one of the reasons that with the 2022 fall economic statement, our government would deliver $500 in additional support to low-income renters. I have many renters in my riding, as others have, and the struggle to keep up with the increased cost of rental accommodation is very difficult. Some people will say that $500 once is not enough, but $500 is helpful as they move forward to try to deal with inflation, which hopefully is coming to an end, here in Canada at least.
The $500 is additional support under the Canada housing benefit specifically for low-income renters. This federal benefit would be available to all Canadians with an adjusted net income below $35,000 for families, so we are talking about families that are truly struggling to make ends meet, or below $20,000 for single Canadians who pay at least 30% of their income toward rent. In Humber River—Black Creek, I know lots of families that are struggling in that situation.
We are also creating a new refundable multi-generational home renovation tax credit to provide up to $7,500 in support for constructing a secondary suite, which will help families who take care of an aging grandparent at home or help parents afford to support a child with a disability moving back home, starting in January 2023. That is another step forward, when we talk about affordability and the lack of housing in so many different parts of our urban and rural centres. To be able to do some renovation of one's home that would allow one to have a second suite that would either provide rental income or enable an aging parent to age at home, is much appreciated.
The fall economic statement is also big news for students, as I mentioned earlier. It proposes to permanently eliminate interest on Canada student loans and Canada apprenticeship loans, including those currently being repaid, beginning on April 1, 2023. This would save the average borrower $400 per year. Recent graduates could also wait until they make $40,000 a year to start repaying their federal loans. These things seem like common-sense issues. If we are trying to encourage Canadians and our young people to take additional courses, whether it is apprenticeship or advancing their education, so that they can earn a better income and contribute better to moving Canada along, then we all want to see that they are not penalized at the end of the day, so helping them in a variety of different ways is quite helpful.
Our government is also doubling the GST tax credit to put hundreds of dollars in the pockets of those who need it the most. Starting November 4, 2022, so it is already moving forward, single Canadians without children will receive up to an extra $234, and couples with two children will receive up to an extra $467. Again, some people might say that is not enough, and ask why we bother. When we are stretching from one dollar to the next dollar to the next dollar, $234 is a lot of money, as is $467, to help feed the family and put the food on the table. Seniors, whom we talk about a lot and care immensely about, will also receive on average an extra $225.
We are also delivering much-needed relief for parents who cannot afford dental care for their kids under 12. That is an issue we have talked about for many years that I never imagined we would actually deliver, so I am glad we have started a program that truly is going to help our young children, because there are many of them who do not have any kind of coverage, so they do not see a dentist until something starts to hurt and they are forced to.
A third of Canadians do not have dental insurance, and in 2018 more than one in five Canadians reported avoiding dental care because of the cost, because it is very expensive. Our job is to help parents who struggle financially, by investing in their children's health care. Canada's dental benefit will provide parents or guardians with direct upfront tax-free payments of up to $1,300 over the next two years to cover dental expenses for their children under 12 years old.
Canada needs to also build the technology, the infrastructure and businesses to help reduce our carbon reliance, but this will not occur without rapidly increasing, and then sustaining, private investment in activities in sectors that will strengthen Canada's position as a leading low-carbon economy. That is why the 2022 fall economic statement launched the Canada growth fund, which will help bring billions of dollars in new private investment required to reduce our emissions, to grow the Canadian economy and to create well-paying jobs.
This fall economic statement also has support for hard-working Canadians, and that is in the new quarterly Canada workers benefit. We are moving this to an advance payment, because people who work really hard for really low pay cannot wait until the fiscal year is over to get a top-up. They need it while they are working, and they deserve it. We should be rewarding them for doing those hard jobs and encouraging them to continue.
I am very pleased to have had the opportunity this morning to speak to the fall economic statement, and I look forward to hearing comments from my colleagues in the House.
