I would like to start by pointing out that we have some good news regarding the economy. Now in October, inflation was at two per cent. For 10 months inflation was within the Bank of Canada’s target range. This is good news for all Canadians, for all the people who live in Toronto. Because of this, it is now possible for interest rates to come down.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, highlighted how the government is putting more money in your pocket.
Earlier today, the Office of the Auditor General of Canada tabled its fall report, one section of which examines the Canada Emergency Business Account (CEBA).
The Deputy Prime Minister and Minister of Finance will provide an update on the government’s economic plan. She will be joined by the Minister of Public Services and Procurement and Quebec Lieutenant, Jean-Yves Duclos.
Today in Toronto, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the Toronto Transit Commission (TTC) will receive nearly $1.2 billion over the next decade through the Baseline stream of the new Canada Public Transit Fund. She was joined by the Honourable Peter Bethlenfalvy, the Minister of Finance of Ontario, the Honourable Prabmeet Sarkaria, the Minister of Transport of Ontario, and Her Worship Olivia Chow, Mayor of Toronto. The Canada Public Transit Fund is the largest public transit investment in Canadian history with $3 billion in annual federal funding provided to communities across the country.
It’s great to be here in the heart of such an important community, so close, to make some announcements that will really help middle class Canadians with the issue they are most worried about, and that is affordability.
I’d like to start by talking about the good news on inflation. Inflation was two per cent in October. That means for the past 10 months inflation in Canada has been within the Bank of Canada’s target range.
The government can’t set prices at the checkout, but it can help Canadians with more money in their pocket. To help them buy the things they need and save for the things they want, today the government introduced Bill C-78, the Tax Break for All Canadians Act in Parliament. Bill C-78 proposes to provide a two-month Goods and Services Tax/Harmonized Sales Tax (GST/HST) break for holiday essentials, like groceries, restaurant meals, drinks, snacks, children’s clothing, and gifts.
Canada and the United States have one of the strongest and closest relationships–particularly when it comes to trade and border security. Canada places the highest priority on border security and the integrity of our shared border.
I’m going to start by talking about the Canadian economy, our tax break, our rebate for Canadian workers and an update on the Carbon Rebate for Small Businesses.
