Minister Morneau Takes Investing in Middle Class Budget to Montréal

From: Department of Finance Canada

March 28, 2019 – Montréal, Quebec – Department of Finance Canada

The Government of Canada is taking the next steps in its plan to strengthen and grow the middle class, and build an economy that works for everyone. Since 2015, that plan has helped hard-working Canadians create more than 900,000 new jobs—the majority of them full-time—and drive unemployment to its lowest levels in more than 40 years.

Today, Minister of Finance Bill Morneau spoke to the Chamber of Commerce of Metropolitan Montreal at le Centre Sheraton about Budget 2019, Investing in the Middle Class. He discussed the important steps the Budget takes to make sure that all Canadians benefit from Canada’s economic growth—including first-time home buyers, workers, young people and seniors.

The Government proposes to support Canadian businesses and families through Budget 2019 by:

  • Making homeownership more affordable for first-time buyers by implementing the First-Time Home Buyer Incentive, a shared equity mortgage program that would reduce the mortgage payments required to own a home; and by providing greater access to their Registered Retirement Savings Plan savings to buy a home.
  • Helping workers gain new skills with the creation of the new Canada Training Benefit, a benefit that will give workers money to help pay for training, provide income support during training, and, with the cooperation of the provinces and territories, offer job protection so that workers can take the time they need to keep their skills relevant and in-demand.
  • Providing more on-the-job learning opportunities to young Canadians by providing funding to create up to 84,000 new student work placements per year by 2023-24 so that more students can gain relevant, real-world work experience while they are still in school, and develop the skills employers need.
  • Supporting municipalities’ 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 with the funds needed to pay for crucial repairs and other important local projects. This includes $504 million for Quebec.
  • Supporting low-income Canadian seniors who choose to stay in the workforce by enhancing the Guaranteed Income Supplement earnings exemption so that they can effectively keep more of their hard-earned income.
  • Ensuring access to high-speed internet so all Canadian homes and businesses have access to download speeds of at least 50 megabits per second (Mbps) no matter where they are located.
  • Lowering Canadians’ energy costs by partnering with the Federation of Canadian Municipalities with $1.01 billion in investments to increase energy efficiency in residential, commercial and multi-unit buildings.
  • Making it easier and more affordable for Canadians to choose a zero-emission vehicle by expanding the network of zero-emission vehicle charging and refuelling stations and creating new incentives for people and businesses to purchase zero-emission vehicles.
  • Enhancing support for innovation by improving the Scientific Research and Experimental Development Tax Incentive Program for growing innovative firms.

With Budget 2019, the Government is continuing to invest in people and grow the economy for the long term, in a fiscally responsible way—ensuring that Canada’s federal debt-to-GDP ratio continues on a steady downward track.

“Canadians have been the drivers of Canada’s economic growth, so they should feel the benefits of that growth. Budget 2019 takes important steps in areas where we know Canadians need a little more support—things like buying a home, taking time off work for skills training, transitioning to retirement or covering costly prescription medications. With these new investments in middle class families, our Government is making sure all Canadians have a chance to succeed—building a stronger Canada for the benefit of everyone.”

– Bill Morneau, Minister of Finance

Quick facts

  • Budget 2019 supports Montréal and the province of Quebec by proposing to:

  • Provide funding for the Courts Administration Service to relocate the federal courthouse within Montréal.

  • Enhance the integrity of Canada’s borders and asylum system by processing 50,000 asylum claims per year, as well as facilitating the removal of failed asylum claimants in a timely manner, by investing $1.18 billion over five years, beginning in 2019–20, and $55 million per year ongoing to support the implementation of the Border Enforcement Strategy.

  • Boost supply in Canada’s housing and rental markets by expanding the Rental Construction Financing Initiative to provide low-cost loans for the construction of new rental housing for modest- and middle-income Canadians. With this increase, the program would support 42,500 new units across Canada.

  • Strengthen Canada’s anti-money laundering and anti-terrorist financing efforts, helping Revenu Québec better support the investigation of tax evasion.

  • Support farmers in supply-managed sectors following ratification of new trade agreements, by making available up to $2.15 billion to eligible dairy, poultry and egg farmers to deal with income losses associated with the Canada-European Union Comprehensive Economic and Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as well as setting aside up to $1.5 billion for a demand-driven Quota Value Guarantee Program.

  • Encourage tourism in Quebec by investing in related infrastructure—such as accommodations or local attractions—through the Canadian Experiences Fund for Quebec Regions with $7.8 million.

/Public Release. View in full here.