Mr. Speaker, I will be splitting my time with the member for Burnaby Central.
Today I rise in this House to speak to Bill C-4, the making life more affordable for Canadians act, a piece of legislation that stands at the heart of our government's commitment to build an economy that works for everyone, not just for the privileged few.
During the election campaign, I heard a clear message from voters; they want a government that delivers real results, not three-word slogans. Today, through Bill C-4, we are doing just that. Bill C-4 addresses one of the most pressing and immediate challenges facing Canadians in every corner of the country: affordability. The cost of living has risen sharply in recent years, whether for groceries, gas or rent. These are not abstract issues. They are the everyday realities faced by families, seniors, students and workers alike. These are the conversations unfolding in homes across every province and territory.
Our government was elected on a promise to build the strongest economy in the G7 and to strengthen the middle class and support those working hard to join it. Bill C-4 is a crucial step in fulfilling that promise. It would deliver on three key priorities announced in the Speech from the Throne: a middle-class tax cut, which would provide relief for nearly 22 million Canadians; the elimination of the goods and services tax for first-time homebuyers purchasing new homes valued up to $1 million; and the removal of the consumer carbon price. While each of these initiatives stands on its own merit, together they form a cohesive strategy aimed at reducing the everyday financial burden on Canadians and restoring a stronger sense of economic security.
Let me begin with the middle-class tax cut. Canada's personal tax system is structured on the principle of progressivity: Those who earn more pay a higher share. However, even within this structure, we know that relief at the lowest tax bracket has the widest reach. That is why we are reducing the lowest federal personal income tax rate from 15% to 14%, a change that would directly benefit nearly 22 million Canadians. To put this into perspective, with the full effect of this measure taking hold, individuals would save up to $420, and two-income families would see up to $840 in tax relief. That is not just a number. It is tangible, meaningful relief.
We are not waiting to act. The Canada Revenue Agency would update its deduction tables by July 1, 2025, ensuring that paycheques reflect this change immediately. This means more money in people's pockets now, not just next year during tax season. Lowering the tax rate is not just a fiscal move. It is a statement of principle. It sends a clear signal. This government is taking action so that Canadians can take care of what matters most: their families, their future and their peace of mind.
For far too many Canadians, the dream of owning their first home has become a distant and daunting goal. The soaring prices and limited availability in our housing market have created barriers that seem insurmountable. We understand all too well the deep frustration and disappointment felt by those who have worked tirelessly, scrimping and saving for years, only to find that their hard-earned savings still fall short of turning their hopes into reality. That is why Bill C-4 introduces the first-time homebuyer GST rebate, a bold and transformative measure designed to lift a significant barrier for those striving to enter the housing market.
This rebate offers 100% relief of the GST on new homes priced up to $1 million, while homes valued between $1 million and $1.5 million qualify for partial GST relief. In real terms, this translates into up to $50,000 in tax savings for first-time buyers, a substantial financial boost that could make the dream of home ownership a reality.
Recently, I spoke with people in my riding of Winnipeg West, who are working hard and saving diligently but feeling overwhelmed by the rising costs and mounting fees just to get their foot in the door. This rebate would make a world of difference for them, turning their hope of owning a home into a real possibility. It would be a powerful catalyst that acknowledges the perseverance and discipline required to save for a first home and rewards that commitment by making housing more affordable and accessible. Moreover, this initiative would send a strong signal to real estate developers, incentivizing the construction of a broader range of housing types, from townhouses and semi-detached homes to condominiums, co-operative housing and even mobile homes, with the aim of expanding supply where it is needed most.
Since day one, our government's mission has been unwavering: to confront the housing crisis head-on by building more homes, building smarter and building affordably. This measure is one of the key steps that would deliver just that.
Finally, I want to address a measure that has sparked significant discussion across the country, namely the removal of the consumer carbon price. As part of the legislation, our government is proposing to permanently repeal the fuel charge framework outlined in part 1 of the Greenhouse Gas Pollution Pricing Act. This repeal would be carefully and responsibly implemented in four phases, beginning with a retroactive repeal of charging provisions, effective April 1, 2025, and concluding with a full wind-down by April 1, 2035.
Why are we taking this significant step? It is because responsible government must be attentive and responsive to the lived realities of its citizens. We have listened closely to the voices of Canadians from coast to coast to coast, from hard-working farmers in rural heartlands to families in remote communities and small business owners who face mounting expenses. We understand that the rising cost of fuel, driven in part by the consumer carbon price, has disproportionately impacted these groups, creating additional financial strain that makes day-to-day life more challenging.
Let me be clear. Repealing the consumer carbon price does not signal a retreat from our climate commitments. Part 2 of the act, which includes the output-based pricing system for large industrial emitters, remains firmly intact. Our commitment to reducing emissions, advancing clean energy and achieving our net-zero targets remains unwavering and focused. However, for everyday Canadians, especially in communities without reliable transit options or alternative heating sources, this measure would deliver much-needed certainty and relief from rising costs, helping to ease the financial burden while we continue to build a cleaner, more sustainable future.
I want to emphasize that the measures outlined in Bill C-4 are not isolated actions and are part of a comprehensive affordability agenda being rolled out by our government. From early learning and child care investments such as the national school food program to national pharmacare and the Canada dental plan, we are taking a balanced approach, one that defends fiscal responsibility while making smart, targeted investments in the lives of everyday Canadians.
We also recognize that economic uncertainty persists, exacerbated by geopolitical tensions, shifting global trade dynamics and, more recently, tariff threats from our international partners. In the face of these challenges, our government is choosing action.
Bill C-4 would ensure that we are proactively reducing costs for Canadians at a time when external pressures are rising. We are not waiting for the perfect moment or for uncertainty to pass. We are acting decisively now to protect the financial well-being of families and workers across the country. By cutting taxes, supporting first-time homebuyers and easing energy costs, Bill C-4 offers real, tangible relief that Canadians can feel in their daily lives.
Our commitment is clear: to build a stronger, more resilient economy that works for everyone, even in the face of global economic uncertainty and trade challenges. Together, we are laying the foundation for a future where every Canadian has the opportunity to thrive.