Remarks by the Deputy Prime Minister and Minister of Finance on the government’s priorities heading into the fall Parliamentary sitting

September 19, 2023

Good afternoon.

As summer comes to end, I would like to provide a brief economic update.

There are currently 980,000 more Canadians in the job market than before the pandemic, and both the IMF and the OECD predict that, on average, Canada will see the strongest economic growth in the G7 over this year and the next. DBRS Morningstar also confirmed our triple-A credit rating earlier this month.

That said, I know that high interest rates are weighing heavily on Canadians.

That is why our government is doing everything it can to help Canada get through this difficult time and focus on building an economy with stable prices, strong and consistent growth, and abundant, well-paying jobs.

As Minister of Finance, this is my top priority, and it is our government’s top priority.

As we enter fall, that is why our government is:

• Working with our country’s largest grocers to stabilize prices, and take immediate action to enhance competition across the economy, with a focus on the grocery sector;
• We are removing the GST on the construction of new apartment buildings to help get more homes built, faster; and
• We are supporting our small businesses, including by extending the CEBA term loan repayment deadline by one year.

We will be taking further concrete action on some of these important measures very soon.

With children across the country back at school, I also want to note that the next payments of the Canada Child Benefit will land in the bank accounts of Canadian families tomorrow.

These payments are indexed to inflation, and this year, families can receive up to $7,437 per child under six—an increase of $440 from last year.

Over the past seven years, the Canada Child Benefit has helped lift 435,000 children out of poverty—and it provides real, meaningful support to middle class families every single month.

And this is in addition to our Canada-wide system of early learning and child care, which is saving families here in Ontario up to $8,500 this year—per child.

We are seeing a record 85.7 per cent labour force participation rate for Canadian women in their prime working years—and this is very much supported by our early learning and child care system. 

At a time when labour shortages are constraining industrialized economies around the world—and at a time when labour shortages are also contributing to inflation around the world—supply side solutions like affordable early learning and child care are more important than ever.

Our relentless focus as a government is on investing in Canadians—on restoring middle class prosperity and building a country where everyone has a real chance to succeed.

I am very much looking forward to working with our team this fall to do just that.

Thank you.