Budget 2019: Investing in Young Canadians
March 26, 2019 – Montreal, Quebec
Young Canadians are the most educated, connected and diverse generation this country has ever seen. Like all Canadians, they want the chance to work in a good career, buy a home, and build a better future – for themselves, their families and their communities.
Today, in Montreal, Minister Joly highlighted how Budget 2019, Investing in the Middle Class, makes strategic and responsible investments to address challenges faced by young Canadians and provide them with access to opportunities that position them for success.
This year also marks the first time the Government has released a Youth Report along with the Budget, highlighting how young Canadians will be impacted by specific investments. The report builds on the fact that Budget 2019 was the first to be formally developed under Gender-based Analysis Plus – examining how each budget measure would affect a diversity of Canadians, including young people.
Through Budget 2019, the Government proposes to support young Canadians by:
- Supporting more on-the-job learning opportunities for young Canadians who want relevant, real-world work experience, by creating up to 84,000 new student work placements per year by 2023-24, as well as by building partnerships with businesses to support work placements through the modernized Youth Employment Strategy.
- Making post-secondary education more affordable by lowering the interest rates on Canada Student Loans and Canada Apprentice Loans, and making the six-month grace period after graduation interest-free.
- Creating opportunities for young Canadians to travel, work or study abroad and gain skills needed to succeed in a global economy.
- Supporting Indigenous post-secondary education with measures designed to help First Nations, Inuit and Métis students obtain the skills and experiences they need to succeed.
- Improving access to mentorship, learning resources and start-up financing to help young Canadians bring their business ideas to life and to market through Futurpreneur Canada.
- Creating meaningful service opportunities through the Canada Service Corps for young Canadians to learn new skills, gain leadership experience and contribute to their communities.
- Making homeownership more affordable for first-time buyers by introducing the First-Time Home Buyer Incentive, a shared equity mortgage program that would reduce the monthly payments required to own a home.
With Budget 2019, the Government is investing in ways to prepare young Canadians for their future, helping them succeed for years to come.
“In the decades to come, young Canadians will drive the growth of Canada’s economy, so they deserve opportunities to succeed in and benefit from Canada’s growing economy. Our investments to make education more affordable and give young people more opportunities to find and keep good, well-paying jobs will help young people today, and help keep our economy strong and growing for the long term.”
- The Honourable Mélanie Joly, Minister of Tourism, Official Languages and La Francophonie
Over the past three budgets, the Government has invested in helping young Canadians find and keep good jobs today, and prepare for the new good jobs of tomorrow:
- Budget 2016 expanded Canada Student Grant amounts by 50 per cent and expanded eligibility criteria, helping more students access money for school that they don’t have to pay back.
- In the 2017-18 school year, more than 490,000 students received over $1 billion in grants to help pay for school. That’s a 34 per cent increase in grant recipients, and a 90 per cent increase in total Canada Student Grant amounts since 2015.
- Budget 2018 introduced the new Pre-Apprenticeship Program, which helps people who are currently underrepresented in the trades – including women, youth, Indigenous Peoples, newcomers, and people with disabilities – prepare for an apprenticeship.
- By doubling the number of placements under Canada Summer Jobs, the Government has helped nearly 70,000 students save for their education while they gain hands-on work experience.
The Government created the first ever National Housing Strategy – a once in a generation, $40 billion investment to help make housing more affordable for all Canadians, including young Canadians, that will build 100,000 new affordable housing units, repair 300,000 others, and reduce chronic homelessness by 50 per cent.
The introduction of the Canada Child Benefit has helped to lift close to 280,000 children out of poverty in 2017 compared to 2015.
To help Canadians look forward to a secure and dignified retirement, the Government enhanced the Canada Pension Plan (CPP), which will raise the maximum CPP retirement benefit by up to 50 per cent over time, giving Canadian workers greater income security when they retire.
Media may contact:
Office of the Minister of Tourism, Official Languages and La Francophonie
Innovation, Science and Economic Development Canada
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