Government Takes Next Step in Investing in Middle Class

From: Department of Finance Canada

April 8, 2019 – Ottawa, Ontario – Department of Finance Canada

Nearly four years ago, Canadians chose a plan to invest in the middle class and offer real help to people working hard to join it.

Investing in the middle class means investing in people. It means building a better Canada-a stronger, more connected country-with better opportunities for people today, and the promise of a better future.

Building on that plan, Finance Minister Bill Morneau today introduced in the House of Commons Bill C-97, the Budget Implementation Act, 2019, No. 1 (BIA 1), which implements a number of measures proposed in Budget 2019. Today’s legislation proposes new measures to help build a better Canada, and help give middle class Canadians more reasons to feel confident about what the future holds for themselves and their families.

Through BIA 1, the Government would:

  • Make homeownership more affordable for first-time buyers by providing greater access to Registered Retirement Savings Plan savings to buy a home, and by implementing the First-Time Home Buyer Incentive, a shared equity mortgage program that would reduce the mortgage payments required to own a home.
  • Help workers get the skills they need to find and keep good jobs through the new Canada Training Credit-a personal and portable way to help workers pay for training, and an important part of the new Canada Training Benefit.
  • Make education more affordable for Canadians by making the six-month grace period interest-free after a student borrower leaves school.
  • Support low-income seniors by enhancing the Guaranteed Income Supplement earnings exemption, so that working seniors can take home more money while they work.
  • Lower Canadians’ energy costs by increasing energy efficiency in residential, commercial and multi-unit buildings in partnership with the Federation of Canadian Municipalities.
  • Enhance support for innovation by improving the Scientific Research and Experimental Development Tax Incentive Program for growing innovative firms.
  • Support local infrastructure priorities by providing a one-time top-up of $2.2 billion, doubling the federal municipal infrastructure commitment in 2018-19. This will help municipalities and First Nations communities pay for crucial repairs and other important local projects.

“The Government of Canada has listened to Canadians and as a result we are investing in the things that matter most to them: good jobs, strong communities, a clean environment, and better opportunities for future generations. We’re continuing to work hard to build an economy that works for everyone, with investments that grow our economy today – and for the long term.”

– Bill Morneau, Minister of Finance

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