Secretary Long Highlights Measures for Affordable Life

The global landscape is rapidly changing, leaving economies, businesses, and workers under a cloud of uncertainty. In response, Canada's new government is focused on what we can control: building a stronger economy to make life more affordable for Canadians.

Today in Edmonton, the Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions), took part in an event to highlight how the government is working to make life more affordable, and delivering significant new support for those who need it most.

Major initiatives recently announced by the government to make life more affordable include:

• The new Canada Groceries and Essentials Benefit: Formerly the Goods and Services Tax (GST) Credit, Canada's new government is increasing its amount by 25 per cent for five years as of July 2026. In addition to that, we are providing a one-time payment as early as possible this spring, equivalent to a 50 per cent increase in the 2025-26 annual value of the GST Credit. Combined, this means that a family of four will receive up to $1,890 this year, and about $1,400 a year for the next four years; and a single person will receive up to $950 this year, and about $700 a year for the next four years. The new Canada Groceries and Essentials Benefit will provide additional, significant support for more than 12 million Canadians.
• A cap on non-sufficient funds (NSF) fees: Canada's new government has taken action to make banking fairer and more affordable for Canadians. As of March 2026, consumers cannot be charged more than $10 in NSF fees when they do not have enough money in their personal deposit account to cover a payment. Consumers also will not be charged an NSF fee more than once in a period of 2 business days for the same personal deposit account. Furthermore, consumers will not be charged NSF fees on a personal deposit account when the amount of their overdraft on that account is less than $10.

With last week's passage of Bill C-4, the Making Life More Affordable for Canadians Act, Canada's new government is also delivering:

• A middle-class tax cut: By lowering the first marginal personal income tax rate from 15 per cent to 14 per cent since July 1, 2025, nearly 22 million Canadians will benefit from tax relief of up to $420 per person, saving two-income families up to $840 this year. This rate reduction applies to taxable income of up to $58,523 in 2026, providing meaningful relief to middle-class Canadians during a period of significant economic uncertainty.
• The first-time home buyers' rebate: Canada's new government has eliminated the GST for first-time home buyers on new homes up to $1 million and reduced the GST for first-time home buyers on new homes between $1 million and $1.5 million. This tax cut will save Canadians up to $50,000-allowing more young people and families to enter the housing market and making the goal of home ownership a reality for more Canadians. The rebate will generally apply to agreements of purchase and sale entered into on or after March 20, 2025, and before 2031.
• The permanent removal of the federal consumer fuel charge from legislation: Canada's new government cancelled the consumer fuel charge-directly allowing Canadians to save money from the price they pay at the pump. The government also removed the requirement for provinces and territories to have a consumer-facing carbon price as of April 1, 2025. These actions have reduced gasoline prices in most provinces and territories by up to 18¢/L in comparison to 2024-2025, lowering inflation.