Minister Morneau Discusses Canada's Plan for Equality and Growth With the Standing Committee on Finance
May 3, 2018 – Ottawa, Ontario – Department of Finance Canada
Canada has a strong and growing economy, and the Government is making smart, necessary investments to ensure that the middle class and people working hard to join it continue to benefit from that growth.
Finance Minister Bill Morneau today appeared before the House of Commons Standing Committee on Finance to discuss Bill C-74, the Budget Implementation Act, 2018, No. 1, which would enact key measures announced in Budget 2018. This legislation is the next step in the Government's plan to strengthen and grow the middle class, give real help to people working hard to join the middle class, and ensure that every Canadian has an equal and fair chance at success.
Earlier this week, Minister Morneau appeared at the Standing Committee on the Status of Women to discuss the new investments in Budget 2018 aimed at promoting gender equality and creating more opportunities for Canada's women and girls. He outlined the challenges and barriers that hold too many women back, and described the Government's plan to encourage greater participation of women in the workforce, including the new Employment Insurance Parental Sharing Benefit that would provide additional weeks of parental benefits when parents agree to share parental leave.
Budget 2018 also makes further progress toward greater equality and stronger growth by:
- Putting more money in the pockets of those who need it the most, with a strengthened Canada Child Benefit and the introduction of the new Canada Workers Benefit.
- Making significant progress towards equality of opportunity, by taking leadership to address the gender wage gap, supporting equal parenting, tackling gender-based violence and sexual harassment, and introducing a new Women Entrepreneurship Strategy.
- Supporting the next generation of researchers, by providing historic funding to increase opportunities for young researchers and provide them the equipment they need, while also strengthening support for entrepreneurs to innovate, scale up, and reach global markets.
- Advancing reconciliation with Indigenous Peoples, by helping to close the gap between the quality of life of Indigenous and non-Indigenous people, providing greater support to keep First Nations children safe and supported within their communities, accelerating progress on clean drinking water, housing, and employment, and supporting recognition of rights and self-determination.
- Protecting the environment for future generations, by making historic investments to preserve our natural heritage, ensuring a price is put on carbon pollution across Canada, and extending support for clean energy projects.
- Upholding Canada's shared values and supporting the health and wellness of Canadians, by partnering with provinces and territories to address the opioid crisis, taking action to advance national pharmacare, and bolstering support for Canada's official languages.
"Budget 2018 reflects the confident and ambitious approach Canadians expect from our government. It makes needed and sound investments to keep Canada's middle class and economy strong and growing. From lowering the small business tax rate to strengthening the Canada Pension Plan to introducing the new Canada Workers Benefit, the Government is making targeted investments that will help Canadians get ahead and succeed in the economy of the future. It's a budget that puts people first, that builds on the hard work of Canadians, and that will help secure a more prosperous future for everyone."
- Bill Morneau, Minister of Finance
Since November 2015, the Canadian economy has created over 600,000 jobs, most of them full-time.
Canada's unemployment rate is near its lowest level over the past 40 years.
Since 2016, Canada has led the G7 in economic growth.
The Government is making steady improvements to its finances:
- The federal debt-to-GDP (gross domestic product) ratio remains firmly on a downward track and the deficit-to-GDP ratio is projected to reach 0.5 per cent in 2022–23.
Canada's total government net debt-to-GDP ratio is the lowest among G7 countries.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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