Before I begin, I would like to say a few words about the Canadian economy. In October, inflation was at two per cent. That means that for 10 months now, inflation has been within the Bank of Canada’s target range. That’s good news for Canadians. Because of that, interest rates are coming down. Canada was the first G7 country to cut interest rates four times, and that’s also good news for Canadians and Canadian business owners.
Today is a tragic day, it’s a really sad day for all of us. It is an important day of remembrance and I am glad to have the opportunity to share in the sadness and to remember with everyone here, and especially with the women and girls who are here.
We are making it easier for homeowners to add secondary suites, rental apartments, in-law suites, laneway homes. Today we are announcing we are doubling the loan limit for the Canada Secondary Suite Loan Program to $80,000. This program offers 15-year loan terms at just two per cent. That makes it easier for homeowners to add a secondary suite. It’s going to be administered by CMHC and it will launch in early 2025.
Our government will continue working to ensure Canadian financial consumers are treated fairly, by ensuring Canadians have access to high-quality, affordable banking options.
Inflation was two per cent in October. This means that inflation has been within the Bank of Canada’s target range for the past ten months, or the entire year. Notably, interest rates have already declined four times, and Canada was the first G7 country to cut interest rates.
Bill C-78 proposes a two-month tax break to all Canadians, from December 14, 2024, to February 15, 2025. With a GST/HST exemption across the country, Canadians will be able to buy essentials like groceries, prepared foods, snacks, and kids’ clothing—all tax-free.
I would like to start by pointing out that we have some good news regarding the economy. Now in October, inflation was at two per cent. For 10 months inflation was within the Bank of Canada’s target range. This is good news for all Canadians, for all the people who live in Toronto. Because of this, it is now possible for interest rates to come down.
I’d like to start by talking about the good news on inflation. Inflation was two per cent in October. That means for the past 10 months inflation in Canada has been within the Bank of Canada’s target range.
It’s great to be here in the heart of such an important community, so close, to make some announcements that will really help middle class Canadians with the issue they are most worried about, and that is affordability.
I’m going to start by talking about the Canadian economy, our tax break, our rebate for Canadian workers and an update on the Carbon Rebate for Small Businesses.
