Minister Boissonnault concludes meetings highlighting government’s plan to build an economy that works for everyone
News release
November 10, 2022 - Québec City, Québec - Department of Finance
The 2022 Fall Economic Statement is the Government of Canada’s plan to continue its sound stewardship of the economy and to be there for Canadians.
Throughout the past week, the Honourable Randy Boissonnault, the Minister of Tourism and Associate Minister of Finance, highlighted the government’s efforts to build an economy that works for everyone in communities across Canada, specifically underlining support for students, workers and the tourism industry. Minister Boissonnault met with Canadians and key stakeholders in several cities, including business leaders and students in Winnipeg, union members and students in Windsor, announced additional investments in clean technology innovation in Edmonton, and ended with meetings in Québec City today. Minister Boissonnault was joined by the Honourable Jean-Yves Duclos, the Minister of Health, and Joël Lightbound, the Member of Parliament for Louis-Hébert.
Minister Boissonnault spoke about how the government is helping families cope with the higher cost of living. This targeted support, meant for Canadians who need it the most, includes doubling the GST Credit for six months for 11 million eligible Canadians; enhancing the Canada Workers Benefit to supplement the earnings of three million low-income Canadians; and making federal student and apprentice loans permanently interest-free for the graduates of today and tomorrow.
The government is also moving forward with its comprehensive plan to make housing more affordable, including by helping people save to buy a home and by cracking down on house flipping. The 2022 Fall Economic Statement lays out an ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs across the country.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low—over 500,000 more Canadians are working today than before the pandemic—the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
Quotes
In Winnipeg, Edmonton, Windsor and Québec City I met with students, workers, and leaders from the business community who will benefit from the action taken in the 2022 Fall Economic Statement. It will make life more affordable, grow the economy and create the jobs of tomorrow. These investments are critical to ensuring Canada’s competitiveness internationally, and will help build an economy that works for everyone.
The Hon. Randy Boissonnault,
Minister of Tourism and Associate Minister of Finance
Quick facts
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The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
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New measures proposed in the 2022 Fall Economic Statement include:
1. Making Life More Affordable:
- Permanently eliminating interest on federal student and apprentice loans;
- Creating a new, quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner;
- Delivering on key pillars of the government’s plan to make housing more affordable, including the creation of a new Tax-Free First Home Savings Account, a doubling of the First-Time Home Buyers’ Tax Credit, and ensuring that property flippers pay their fair share; and,
- Lowering credit card transaction fees for small businesses.
2. Investing in Jobs, Growth, and an Economy That Works for Everyone:
- Launching the new Canada Growth Fund which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy, and create good jobs;
- Introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition, with the level of the credit increasing when certain labour conditions are met;
- Implementing a new tax on share buybacks by public corporations in Canada; and,
- Creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and the future.
Related products
Associated links
- Annual Financial Report 2021-2022
- Affordability Plan
- Legislation to double the GST Credit for six months receives Royal Assent
- Government of Canada introduces legislation to make life more affordable for Canadians
- Legislation to grow Canadian economy and make life more affordable receives Royal Assent
- Deputy Prime Minister outlines government’s Affordability Plan for Canadians
Contacts
Media may contact:
Gabriel Felcarek
Press Secretary
Office of the Minister of Tourism and Associate Minister of Finance
343-573-4280
Gabriel.Felcarek@ised-isde.gc.ca
Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000
General enquiries
Phone: 1-833-712-2292
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TTY: 613-369-3230
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