At the start of the COVID-19 pandemic, the Government of Canada took unprecedented action to support Canadians and ensure a robust economic recovery. By March 2023, 865,000 more Canadians were employed than before the pandemic. However, higher inflation rates are making it difficult for many Canadians to make ends meet, and higher prices on essential goods are causing undue stress. In the face of global inflation and rising costs, the Government of Canada continues to provide much-needed relief to Canadians.
Today, Statistics Canada released results from the 2021 Canadian Income Survey, which showed that the growth in median market income more than offset the decline observed in 2020 and brought the median market income 3.5% higher than its 2019 level. The results also showed that Canada's overall poverty rate was 7.4% in 2021, following the end of temporary emergency pandemic benefits that were provided in 2020. This is below the 2019 pre-pandemic rate of 10.3%, and nearly half the 2015 rate (14.5%), the baseline year for Canada's legislated poverty reduction targets.
In 2021, there were close to 2.3 million fewer Canadians living in poverty compared to 2015, including 653,000 fewer children,11,000 fewer seniors, and 556,000 fewer persons with a disability. The Government remains committed to reaching its goal of a 50% reduction in poverty by 2030 based on 2015 levels.
Many Canadians are concerned about higher costs of living and the impact of these costs on personal and household finances. That is why the Government of Canada is continuing to make significant investments through targeted social programs and income supplements to reduce poverty, mitigate food insecurity and increase well-being, such as the enhancement to the Canada Workers Benefit, the introduction of a Canada-wide early learning and child care system, the new Canada Dental Benefit, and the proposed one-time Grocery Rebate announced in Budget 2023.
