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September 15, 2023

Canada announces measures to resolve ongoing Housing Crisis and increase in Grocery Prices

In a bid to tackle the ongoing housing crisis in Canada, the prime minister, Justin Trudeau on Thursday, September 14, 2023 announced a means of containing the issue and also controlling the current rise in the price of groceries.

The Minister stated the need to reduce housing cost by increasing the supply of rental accommodation and supporting small business owners, the federal government will encourage the construction of rental dwellings by presenting legislation to repeal the Goods and Services Tax (GST) on new apartment buildings for renters.

The rise in cost of groceries is alarming, the Prime Minister intends to have a meeting with the heads of Canada’s top grocery chains to work out strategies with the aim of restoring the grocery price and stabilising the prices of food items. All measures are being considered including tax measures.

In supporting small business owners, the federal government intends to make adjustments to the Canada Emergency Business Account (CEBA) program by giving a 1-year extension for the term loan repayment, which was initially introduced during the pandemic to help small businesses stay in business.

Also provinces are encouraged to impose the provincial share of the Harmonized Sales Tax (HST) to match the federal government’s refund for new rental homes.

The Prime Minister reemphasized that this is a team effort, all measures have been brought to the table and will be acted on immediately and revisited if no visible development is made.

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