As a result of the hard work of Canadians and the Government’s investments in their success, Canada’s economy is strong and growing, and middle class families are better off. The Government’s plan to invest in the middle class has put more money in the pockets of hard-working Canadians and helped create more than a million new jobs since 2015.
Today, Finance Minister Bill Morneau was in New Glasgow and Stellarton, Nova Scotia, where he met with local business leaders and families to speak about what the Government has done to make life more affordable for Canadians over the past four years. With tax cuts for the middle class and the introduction of the Canada Child Benefit, a typical middle class family of four is now $2,000 better off each year than they were in 2015. The Government has also increased support for students, seniors and low-income workers.
Minister Morneau also met with local business leaders in a roundtable, where he listened to local concerns and shared news about Government actions aimed at helping small businesses succeed, grow, and create more good jobs. That includes cutting the small business tax rate from 10.5 per cent to 9 per cent-the lowest small business tax rate in the G7. For small businesses, this will mean up to $7,500 in tax savings each year, compared to 2017.
During his visit, Minister Morneau also emphasized the role of new investments in education and training that are helping more people find and keep good jobs, now and in the future. With these investments, Canada today has the lowest unemployment rate in over 40 years.
“Our government is committed to helping hard-working Canadians succeed, save more money and feel more confident about the future. With more than a million new jobs-most of them full-time-and an economy that is strong and growing, we are seeing clear signs of progress. At the same time, we know that there’s more work to be done. By listening to families and small businesses owners all across Nova Scotia, we’re building the next steps in our plan to make sure everyone benefits from Canada’s growing economy.”
– Bill Morneau, Minister of Finance
Canada is expected to be the second-fastest growing G7 economy in 2019, and to tie for fastest in 2020.
Over a million jobs have been created since November 2015-the majority of them full-time positions.
Canadian families now have the lowest effective tax rate among G7 countries, with a typical family of four now keeping 85% of their income.
About 91,400 parents in Nova Scotia received about $6,500 on average from the Canada Child Benefit in the 2017-18 benefit year.
To support seniors, the Government increased the Guaranteed Income Supplement (GIS) top-up benefit for single seniors by up to $947 in 2016. Combined with quarterly indexation of Old Age Security (OAS) and GIS benefits, this means that benefits for the most vulnerable single seniors will have increased by up to $2,000 between 2015 and 2019. Additionally, the Government restored the age of eligibility for OAS and GIS to age 65.
Canada has achieved its targeted 20-per-cent reduction of poverty three years ahead of schedule, lifting over 825,000 Canadians out of poverty compared to 2015 and causing the poverty rate to reach its lowest level on record.
The First-Time Home Buyer Incentive will make home ownership more affordable for as many as 100,000 Canadians. For example, a family that buys a $380,000 home will be able to reduce their monthly mortgage payments by $228 a month thanks to this new measure.
By doubling the number of placements under Canada Summer Jobs, the Government has helped nearly 70,000 young people per year since 2016 get hands-on work experience through summer employment and save money for their education.
To support businesses in the region, Budget 2019 invested up to $24.9 million in the Atlantic Canada Opportunities Agency.
Budget 2019 also invested $6.3 million to create and expand tourism-related infrastructure and experiences in Nova Scotia and other Atlantic provinces.