Minister Morneau Takes Canada's Plan for a Strong Economy to New York City
March 9, 2018 – New York, New York – Department of Finance Canada
Making sure every Canadian has a real and fair chance at success is not just the right thing to do, it is the smart thing to do. Canada's future prosperity depends on it. With a strong and growing economy in place, now is the right time to make progress in Canada and around the world, where everyone can contribute to, and share in, the country's prosperity.
Today, Finance Minister Bill Morneau spoke at the Penn Club of New York about how Canada's 2018 budget advances the Government's plan for middle class progress with new investments to promote equality and to create new opportunities for the middle class. Minister Morneau called on all countries to ensure everyone has the opportunity to fully contribute to the economy so that they can better face the challenges of today and tomorrow.
Canada and the United States have built one of the most productive, interconnected and enduring relationships in the world—one that has led to shared prosperity and a better quality of life for millions of middle class families in both countries.
Since 2016, Canada has led all Group of Seven (G7) countries in economic growth and Canadians are feeling more confident about the future—whether their plan is to save for a first home, pay down their debt, or go back to school to train for a new job. As a result, the Government is investing in the things that matter to Canadians, while making steady improvements to its bottom line.
Canada's strong fiscal fundamentals—anchored by a low and consistently declining debt-to-GDP (gross domestic product) ratio—mean that the Government has the capacity to make the investments that will strengthen and grow the middle class, and lay a more solid foundation for our children's future.
Canada's economy—Canada's success—is deeply tied to women's opportunity to work, and to earn a good living from that work. Through Budget 2018, the Government of Canada is leading by example in promoting gender equality by proposing:
- A legislated "equal-pay-for-work-of-equal-value" regime in federally regulated sectors covering approximately 1.2 million employees.
- A new Employment Insurance (EI) Parental Sharing Benefit, which will provide additional weeks of "use it or lose it" EI parental benefits, when both parents agree to share parental leave.
- To provide Canadians with more information on the pay practices of employers in the federally regulated sector, helping to shine a light on employers who lead in equitable pay practices, while also highlighting wage gaps.
- To support the advancement of women in senior positions by publicly recognizing corporations that are committed to promoting women to senior management and board positions.
- A new Gender Results Framework to support equal opportunity for all Canadians, backed by new investments to achieve equality in the workforce and at home.
- A new Women Entrepreneurship Strategy to encourage greater participation by women in the economy, and help more women-owned companies grow into world-class businesses.
"Providing Canadians with the opportunity to realize their full potential isn't just the right thing to do. It's the smart thing to do for the economy. Simply put, equality between Canadian women and men will lead to greater prosperity and a better quality of life—not just for women and their families, but for all Canadians. And with equality of opportunity as a guiding principle, Budget 2018 proposes a comprehensive range of measures to ensure every Canadian has an equal and fair chance at success."
- Bill Morneau, Minister of Finance
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Office of the Minister of Finance
Department of Finance Canada
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