The Liberal government has introduced Bill C-56, known as the Affordable Housing and Groceries Act, in an effort to address the affordability crisis facing Canadians. The bill includes measures to stimulate the construction of new rental properties and increase competition in the grocery sector. Finance Minister Chrystia Freeland announced that the bill would provide a rebate for GST paid on the construction of new purpose-built rentals and introduce reforms to competition laws to strengthen the federal watchdog. The government aims to ease grocery prices through increased competition and believes that the changes to the Competition Act will benefit all industries. The bill also includes tax breaks to incentivize developers to build new rental projects, as rising interest rates and material costs hamper construction. The GST rebate for rental builds will be available until 2031 and is expected to help restore affordability to the housing market.
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