Minister Morneau Talks Middle Class Jobs and Affordability in Cambridge
July 30, 2019 – Cambridge, Ontario – Department of Finance Canada
Four years ago, Canadians chose an economic plan that would invest in the things that matter most: good, well-paying jobs; more help with the high cost of living; strong, connected communities; and better opportunities for our children and grandchildren. This plan is working—delivering real results for the middle class and people working hard to join it.
Today, Finance Minister Bill Morneau delivered this message in a keynote address at a luncheon hosted by the Greater Kitchener Waterloo Chamber of Commerce and the Cambridge Chamber of Commerce. In his remarks, the Minister talked about the Government's efforts to make life more affordable for Canadians, including cutting taxes for the middle class and introducing the new, more generous Canada Child Benefit, which goes to about 14,000 parents in Cambridge to help with the high cost of raising their families.
The Minister also highlighted Canada's success in helping more people find and keep good jobs, including through support for education and training programs, and the essential role the private sector plays in creating opportunities for Canadians. He noted some of the many steps the Government has taken to support business growth: allowing businesses to write off capital investments sooner, securing comprehensive free trade agreements that give Canadian businesses access to nearly two-thirds of the global economy, and lowering the small business tax rate to 9 per cent. Today, thanks to these efforts and the hard work of Canadians, Canada has the lowest unemployment rate in over 40 years and lowest poverty rate on record.
While in Cambridge, Minister Morneau also hosted a roundtable with local business leaders, toured a successful local manufacturing plant, and met with entrepreneurs and residents in workplaces throughout the city.
"Because we invested in middle class families, Canada's economy today is strong and growing. The national unemployment rate is at its lowest in over 40 years and the poverty rate is the lowest on record, and Canada's debt and deficit as a function of the economy have declined each year since 2015. If we continue to make smart, responsible investments that improve the lives of Canadians and business owners, we can tackle tomorrow's challenges from a place of true strength and prosperity."
- Bill Morneau, Minister of Finance
Canada is expected to be the second-fastest growing G7 economy in 2019 and tied for fastest in 2020.
Over a million jobs have been created since November 2015 — the majority of them full-time positions.
About 14,000 Cambridge parents received more than $6,400 on average from the Canada Child Benefit in the 2017-18 benefit year.
Canada has achieved its targeted 20 per cent reduction of poverty three years ahead of schedule, lifting over 825,000 Canadians out of poverty compared to 2015 and causing the poverty rate to reach its lowest level on record.
The Government cut the small business tax rate to 10 per cent, effective January 2018, and as of January 1, 2019, further reduced it to 9 per cent.
The First Time Home Buyer Incentive will make home ownership more affordable for as many as 100,000 Canadians. For example, a family that buys a $380,000 home will be able to reduce their monthly mortgage payments by $228 a month thanks to this new measure.
The Government is also investing nearly $1 million to upgrade and improve social housing in Cambridge.
The Government is investing approximately $185 million per year in helping businesses in Southern Ontario innovate through FedDev Ontario.
FedDev Ontario is investing $18 million to help Waterloo Region's tech companies start, grow and succeed as part of its Scale-Up Platform.
Earlier this year, the Government announced a nearly $7 million investment in Conestoga College to help implement a national apprenticeship program to encourage more women, Indigenous people, newcomers and people with disabilities to pursue a career in the trades.
Media may contact:
Director of Media Relations
Office of the Minister of Finance
Department of Finance Canada
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