However, one economist says officials could have developed new policies that would have a greater and more direct impact on families. David MacDonald, a senior economist at the Canadian Center for Policy Alternatives, told CTV Your Morning that the measures outlined by Deputy Prime Minister and Treasury Secretary Chrystia Freeland on Thursday would “certainly help” some Canadians, but noted that the measures themselves are not new. “The largest types of tickets were actually introduced two budgets ago and have already been implemented,” MacDonald said on Friday. “In a way, this is a review of things they plan to implement not necessarily for inflation, it will certainly help people in these conditions, but it is not something new.” Freeland unveiled a multilateral “accessibility plan” on Thursday, outlining how the government intends to tackle inflation, based on pre-existing commitments. The measures, totaling $ 8.9 billion this year, include planned aid to some benefit programs such as the Canada Workers Benefit, as well as the federal government’s plans for children and dental care. Freeland also cited “respect” for the Bank of Canada, fiscal restraint and the creation of “good jobs” as measures that will help run the economy through the current turmoil. McDonald said Thursday’s speech could have been used by the federal government to develop new policies to better help curb the effects of inflation. Some examples he proposes include a one-off transfer to all those receiving a specific federal benefit – such as what the federal government did with the GST during the pandemic – and the introduction of a quick formula to get those pre-existing commitments into their pockets. Canadians faster. “Unfortunately, none of these measures have been implemented, so it is a missed opportunity,” he said. However, MacDonald noted that it is worth noting that all federal income transfer schemes are indexed, which means they will increase to accommodate inflation. However, he said there were frequent delays when the adjustment went into effect. As for the Old-Age Insurance pension, for example, MacDonald said the delay is about three to six months between the time inflation occurs and the actual transfers to people’s bank accounts. But for other benefits, it could be more. “For other transfers, such as child benefits, for example, a delay can be more than a year and so people will have to wait until 2023 to see an increase in these benefits,” he explained. Watch the full video from CTV Your Morning at the top of this article to learn more about the impact these measures will have on rising inflation for Canadians.
