Today, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, highlighted Budget 2023's investments in new targeted inflation relief to the Canadians hit hardest by rising food prices.
Canada has made a remarkable recovery from the COVID recession. Canada's economic growth was the strongest in the G7 over the last year, and today, 830,000 more Canadians are employed than before the pandemic, including 136,900 people here in the province of Quebec. Inflation in Canada has fallen for eight months in a row, our unemployment rate is near its record low, and, supported by our Canada-wide system of affordable early learning and child care, the labour force participation rate for women aged 25 to 54 reached a record high of 85.7 percent in February.
To make life more affordable, Budget 2023 delivers the new Grocery Rebate, offering targeted inflation relief for 11 million Canadians and families who need it most, with up to an additional $467 for eligible couples with children; an additional $234 for single Canadians without children; and an additional $225 for seniors, on average.
By targeting the Grocery Rebate to the Canadians who need it most, the government will be able to provide important relief, without making inflation worse.
Overall, the one-time Grocery Rebate will provide $2.5 billion in targeted inflation relief to the Canadians who need it most. The Grocery Rebate will be delivered through a one-time payment from the Canada Revenue Agency as soon as possible, following the passage of legislation.
With a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7, Budget 2023 will help to build a Canada that is more secure, more sustainable, and more affordable for people from coast to coast to coast.
