In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most, including by doubling the GST credit for 11 million eligible Canadians, enhancing the Canada Workers Benefit to support 4.2 million Canadians, and making federal student and apprentice loans permanently interest-free for the graduates of today and tomorrow.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, highlighted the Government of Canada's plan to cut child care fees by an average of 50% by the end of this year for families across Canada with children in regulated child care. Back in July 2021, the governments of Canada and Prince Edward Island announced an agreement that will help the province reach an average of $10-a-day early learning and child care in three years. Prince Edward Island is on track to meet this target by the end of 2024, significantly reducing the price of child care for families.
Minister Hutchings also highlighted the Government of Canada's plan to make dental care more affordable for everyone through the Canada Dental Benefit, which will provide eligible parents or guardians with direct, upfront tax-free payments to cover dental expenses for their children under 12 years old. For those without dental coverage and with an annual family income of under $90,000 per year, the Canada Dental Benefit, once approved in Parliament, will provide payments totalling up to $1,300 per child over the next two years.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low-over 500,000 more Canadians are working today than before the pandemic-the strongest economic growth in the G7 this year, a triple-A credit rating and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
