Minister Morneau Talks Middle Class Jobs and Affordability in Port Hope and Cobourg
July 4, 2019 – Port Hope and Cobourg, Ontario – Department of Finance Canada
Canada's economy is strong and growing and middle class families are better off, thanks to the hard work of Canadians and the Government's plan to invest in them. At the same time, there is more work to be done on things like climate change, the future of work, and the affordability of everyday life.
Today, Finance Minister Bill Morneau was in Port Hope and Cobourg, Ontario, to meet with local business leaders and families to highlight the Government's efforts over the past four years to make life more affordable for Canadians. This includes cutting taxes for the middle class and introducing the Canada Child Benefit, which means that a typical middle class family is $2,000 better off than in 2015.
Minister Morneau also emphasized the importance of helping more people find and keep good jobs, now and in the future — such as more grants for education and training programs. Today, Canada has the lowest unemployment and poverty rates on record. The Minister also talked about the essential role the private sector plays in creating opportunities for Canadians, and 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.
"At the end of the day it's undeniable — helping middle class families save money and find good jobs has been the force driving Canada's economic growth. That said, when I talk with families and business owners in places like Port Hope and Cobourg they tell me they're still worried: about climate change, saving for retirement or their future job security. We hear them, and we're going to continue to make the right investments to help middle class Canadians feel more confident about the future."
- Bill Morneau, Minister of Finance
Canadian families now have the lowest effective tax rate among G7 countries, with a typical family of four now keeping 85% of their income.
Canada is expected to be the second-fastest growing G7 economy in both 2019 and 2020.
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.
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 increased Canada Student Grants by 50 per cent, and lowered interest rates on student loans.
Tax measures to accelerate business investment announced in the 2018 Fall Economic Statement will benefit businesses that are making new capital investments in productive assets. These measures will fuel new investments and support the adoption of advanced technology by Canadian businesses.
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.
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Office of the Minister of Finance
Department of Finance Canada
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