Five things: What the federal budget means for your cost of living

Five key aspects of the federal budget aim to address the high cost of living in Canada. Finance Minister Francois Philippe Champagne announced the overarching goal of the budget is to strengthen Canada's sovereignty and economy by increasing productivity rates. To directly tackle affordability challenges, the budget proposes a one-time 50% top-up to the Groceries and Essentials Benefit, a rebranded version of the GST credit, which will increase average benefits to $339 for single individuals and $679 for couples with two children. This expanded program is expected to cost about $4.1 billion.

The budget also allocates $124 million over three years to the Local Food Infrastructure Fund, which will help food banks and similar organizations purchase food and invest in infrastructure. Additionally, the government plans to establish an Integrated Supports Fund, investing $1.8 billion over four years to build transitional housing with mental health, addictions, and social support services for homeless individuals.

Further commitments include a $2 billion, two-year fund for crisis mental health and addictions facilities and increased funding for the Canada Housing Benefit to assist low-income Canadians with rent. Lastly, the budget proposes moving the tax filing deadline to May 15, providing Canadians with more time to file their returns.