Supporting Canadians and Small Businesses with the High Cost of Living

September 14, 2023 – British Columbia

Prime Minister Justin Trudeau has announced three new initiatives to support Canadians and small businesses with the high cost of living.

To address the cost of groceries, The Honourable Francois-Philippe Champagne, Minister of Innovation, Science and Industry, is calling the heads of large grocers to Ottawa to address the high cost of food. Large grocery retailers are expected to present their plans to reduce consumer costs by Thanksgiving of this year. If plans do not provide real relief to Canadians, the federal government will take further action, not excluding potential tax measures. Minister Champagne will also be looking into reforming the Competition Act, making large businesses more accountable to Canadians.

The federal government is eliminating the Goods and Services Tax (GST) on the construction of new rental apartments immediately to make housing more affordable. This measure will incentivize the construction of much-needed rental homes. The Government of Canada is also calling on provinces to match this action in removing the Provincial Sales Tax (PST) on the construction of new rentals. Local governments are now required to end exclusionary zoning and encourage the building of apartments near public transit in order to have their Housing Accelerator Fund applications approved.

To support small businesses, the Government of Canada is extending the repayment deadline for the Canada Emergency Business Account (CEBA) loan program by one year. Small businesses are the backbone of the Canadian economy and many relied on the CEBA program to stay afloat during the pandemic. Extending the CEBA repayment deadline until the end of 2024 will help more small businesses keep their doors open, supporting local economies. 

“I am encouraged by the measures announced to help Canadians and small businesses with the high cost of living. Our government is showing real leadership with these measures and we’re letting the middle class and those wishing to join it know that they are not being left behind. I am eagerly looking forward to this government announcing more measures to address affordability for all Canadians.” – John Aldag, Member of Parliament for Cloverdale – Langley City

Contacts:

Megan Waddington
Constituency Assistant
Office of John Aldag, Member of Parliament
604-575-6595
john.aldag@parl.gc.ca