On September 14, 2023, Canada’s Prime Minister, Justin Trudeau, announced a series of comprehensive measures to address pressing issues in the country, including the housing crisis, support for small businesses, and the rising cost of groceries.
In this article, we break down these initiatives to help you understand their impact on Canadians.
Canada New Measures
1. Taking on the Housing Crisis:
Good News for Renters:
The federal government is making it easier for renters to find affordable places to live. They’re doing this by scrapping the Goods and Services Tax (GST) on new apartment buildings for renters.
This change encourages the construction of more rental homes, helping families find suitable places to live.
Provinces that already have sales taxes are being encouraged to join in. They’re asked to match the federal government’s refund for new rental homes.
This means more support for building rental housing in various provinces.
To get funding through the Housing Accelerator Fund, local governments must make changes. They need to allow the construction of flats near public transportation.
This makes it easier for people to commute and find homes in convenient locations.
2. Supporting Small Businesses:
Small business owners are getting extra help. The Canada Emergency Business Account (CEBA) program, which was created during the pandemic to assist small businesses, is being extended.
Small businesses can now take a bit more time to pay back their loans, giving them some financial breathing room.
3. Dealing with Rising Grocery Prices:
The Prime Minister is taking immediate action to tackle the rising cost of groceries. He’s meeting with leaders of major grocery chains in Ottawa to start discussions on this issue.
Keeping Prices Steady:
The government is urging big grocery store chains to keep grocery prices steady in the short term. This helps prevent unexpected increases in the cost of essential items.
To make sure grocery prices stay affordable, the government is exploring different ways to help. They might use tax measures and other tools to ensure Canadians can afford their groceries.
4. Boosting Competition and Lowering Costs:
The government is planning changes to the Competition Act. These changes will:
- Market Analysis: Allow the Competition Bureau to analyze markets more thoroughly by requiring companies to provide important information.
- Stopping Anti-Competitive Mergers: Get rid of the rule that lets companies merge even if it harms competition, as long as they claim it makes things more efficient. This change protects consumers from higher prices and fewer choices.
- Taking on Anti-Competitive Alliances: Empower the Competition Bureau to take action when big grocers prevent smaller competitors from opening stores nearby. This ensures fair competition and more choices for consumers.
Canada‘s new initiatives are a big step toward making life better for its citizens. By addressing the housing crisis, helping small businesses, and keeping grocery prices reasonable, the government is working to improve the lives of Canadians.
These actions show a strong commitment to creating a fair and prosperous future for all. With these measures in place, Canadians can look forward to a brighter and more secure tomorrow.