Warning of a looming recession ahead, Federal Finance Minister Chrystia Freeland has introduced a number of measures to improve Canada’s social safety net as citizens feel the pinch of rising interest rates and a slowing economy.

Freeland delivered her fall economic update in Ottawa yesterday.

She says the Canada Pension Plan and all of the country’s most important benefits are all indexed to inflation. She revealed plans to lower the cost of using a credit card.

She says lowering credit card fees will mean small businesses won’t have to choose between cutting into narrow margins and passing fees on to customers.

Freeland also announced a “multi-generational” home renovation tax credit to allow families to have a senior or loved one with a disability move back into the family home. There are also measures to tackle housing speculation, and make home ownership more affordable for young Canadians and newcomers.