Minister Morneau in Caledon to Talk Affordability and Progress for the Middle Class
August 27, 2019 – Caledon, Ontario – Department of Finance Canada
In 2015, Canadians chose a plan for the economy that would invest in the middle class and offer help to the people working hard to join it. This plan is helping make life more affordable, while at the same time helping create more than a million new jobs—driving Canada’s unemployment rate to its lowest levels in over 40 years.
Today, Finance Minister Bill Morneau was in Dufferin County and Caledon, where he visited with the Mayor of Caledon, Allan Thompson, and met with local families and business leaders. The Minister listened to the concerns of their communities, and highlighted actions the Government has taken to make life more affordable, such as cutting taxes for the middle class and enhancing benefits for seniors, students and low-income workers.
Minister Morneau also took the opportunity to talk about the Canada Child Benefit (CCB)—a tax-free benefit that helps about 3.4 million families with the high cost of raising their children. The CCB has helped make life more affordable for parents and caregivers, and combined with other measures, has also helped to lower the poverty rate to Canada’s lowest level on record.
“Canada’s economy is strong and growing, and many Canadians are feeling the benefits of that growth, with more than a million new jobs created since late 2015. But we know there is a lot more work to do. Many of the people I meet are still concerned about the cost of living, of getting an education, and of doing business. Our government will continue to invest in Canadians, so that everyone has a real and fair chance to succeed today, and in the future.”
- Bill Morneau, Minister of Finance
Approximately 1.4 million parents in Ontario received $6,500 on average from the Canada Child Benefit in the 2017–18 benefit year.
Canadian families now have the lowest effective tax rate among G7 countries, with a typical family of four now keeping 85 per cent of their income.
Canada is expected to be the second-fastest-growing G7 economy in 2019 and to tie for fastest in 2020.
More than 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 more than 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 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 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.
Media may contact:
Director of Media Relations
Office of the Minister of Finance
Department of Finance Canada
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