Affordability and Middle Class Jobs on the Agenda as Minister Morneau Visits Stirling
August 7, 2019 - Stirling, 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. Since 2015, the Government's plan has helped put more money in the pockets of hard-working Canadians and helped create more than a million new jobs.
Today, Finance Minister Bill Morneau was in Stirling, Ontario, where he met with local business leaders and families to talk about what the Government has done 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 of four is now $2,000 better off each year than they were in 2015.
While in Stirling, Minister Morneau also toured local businesses, including a theatre that employs people through the Canada Summer Jobs program—a program the Government expanded to help more Canadians under 30 gain meaningful work experience.
Minister Morneau also emphasized the importance of helping more people find and keep good jobs, now and in the future—such as more support for education and training programs. Today, Canada has the lowest unemployment rate in over 40 years and the lowest poverty rate 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.
"As Finance Minister, it's my job to make sure that our country prospers, and that people feel the benefits of that prosperity, too. Four years and four budgets later, we've made a lot of progress—with a million new, mostly full-time jobs and an economy that is strong and growing. At the same time, we know there's a lot more work to be done. That's why our government remains focused on helping middle class families get the training and good jobs they need to feel 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 2019 and to tie for fastest in 2020.
Over a million jobs have been created since November 2015 — the majority of them full-time positions.
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 First Time Home Buyers 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.
By doubling the number of placements under Canada Summer Jobs, the Government has helped nearly 70,000 young people per year get hands-on work experience through summer employment and save money for their education.
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.
Director of Media Relations
Office of the Minister of Finance
Department of Finance Canada
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