Will Trudeau’s $4.5B affordability plan help you? Here’s what to know

Prime Minister Justin Trudeau unveiled a plan to spend $4.5 billion, with $3.1 billion of that new spending promises, to help Canadians cope with the cost of living.

Prime Minister Justin Trudeau says his government plans to roll out a six-month boost to the GST tax credit, a dental benefit for some children, and a one-time top up of the Canada Housing Benefit — all totalling $4.5 billion — to help Canadians cope with the soaring cost of living.

Speaking from the Liberal caucus retreat on Tuesday, Trudeau unveiled the spending plans, which build on commitments made in the most recent federal budget earlier this year.

Since that was released in April though, inflation has risen and remained stubbornly high even as the Bank of Canada pushes forward with interest rate hikes, keeping the cost of everything from groceries to gas to all kinds of consumer goods and services elevated.

Of that $4.5 billion, $3.1 billion is in addition to the spending on affordability announced in that budget, Trudeau said.

He billed the dental benefit for some children under the age of 12 as the “first step” in a key commitment made by the Liberals with the NDP in the governance agreement the two parties struck.

That Canada Dental Benefit will be for children under the age of 12 who do not have access to dental insurance and will only be for families with income under $90,000 per year. It would provide for direct payments of up to $1,300 per child over the next two years.

NDP Leader Jagmeet Singh had warned there would be “repercussions” if the plan for dental care for children under 12 was not in place by the end of the year.

As well, the one-time top up to the Canada Housing Benefit will be available for renting families with a net income of less than $35,000, or renting individuals making less than $20,000, “who pay at least 30 per cent of their income on rent,” according to a government statement.