In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most, including by doubling the goods and services tax (GST) credit for 11 million eligible Canadians, enhancing the Canada Workers Benefit (CWB) to support 4.2 million Canadians, and making federal student and apprentice loans permanently interest-free for the graduates of today and tomorrow.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, participated in an event at the New Brunswick Community College to highlight the Government of Canada's plan to make the federal portion of all Canada Student Loans and Canada Apprentice Loans, including those currently being repaid, permanently interest-free.
The Government of Canada is also providing advance payments of the CWB to put more money, sooner, into the pockets of our lowest-paid-and often most essential-workers. The CWB is a refundable tax credit to help individuals and families who are working and earning a low income. This measure would provide a total of up to $714 for single workers and $1,231 for a family to help cope with the rising cost of living. The amount will be split between three advance payments.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low-over 500,000 more Canadians are working today than before the pandemic-the strongest economic growth in the G7 this year, a triple-A credit rating, and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
