BRANTFORD, ON, Nov. 10, 2022 /CNW/ – 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 GST credit for 11 million eligible Canadians; enhancing the Canada Workers Benefit 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 Minister of Families, Children and Social Development, Karina Gould, met with small-business owners and stakeholders at the Chamber of Commerce of Brantford-Brant, and Early Childhood Educators at Six Nations Polytechnic’s Early Childhood Education program to highlight how the Government is making life more affordable for millions of Canadians, including through cutting regulated child care fees in half on average for families in Canada by the end of this year. This is a result of an investment of more than $27 billion over five years as part of Budget 2021 to build a Canada-wide early learning and child care system with provinces and territories.
The Government is also moving forward with its comprehensive plan to make housing more affordable, including by helping people save to buy a home and by cracking down on house flipping. And it lays out an ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs.
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-to-GDP and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles, and prosper in the days ahead.
“The Fall Economic Statement is a fiscally responsible plan to make life more affordable and grow the economy to create good-paying jobs for today and for tomorrow. Canadians can be confident that our government will continue to be there with compassionate, targeted support for the Canadians who need it most. From building an affordable child care system, to making sure people can get the dental care they need, to putting hundreds of dollars back in the pockets of Canadians, our government is working to make life more affordable and build an economy that works for all Canadians.”
– Minister of Families, Children and Social Development, Karina Gould
- The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
- New measures proposed in the 2022 Fall Economic Statement include:
1. Making life more affordable:
- permanently eliminating interest on federal student and apprentice loans;
- creating a new, quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner;
- delivering on key pillars of the Government’s plan to make housing more affordable, including the creation of a new Tax-Free First Home Savings Account, a doubling of the First-Time Home Buyers’ Tax Credit, and ensuring that property flippers pay their fair share; and
- lowering credit card transaction fees for small business.
2. Investing in jobs, growth and an economy that works for everyone:
- launching the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy and create good jobs;
- introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition;
- implementing a new tax on share buybacks by public corporations in Canada; and
- creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and the future.
- The Government of Canada made a transformative investment of more than $27 billion over five years as part of Budget 2021 to build a Canada-wide early learning and child care system with provinces and territories. Combined with other investments, including in Indigenous early learning and child care, up to $30 billion over five years will be provided in support of early learning and child care.
2022 Fall Economic Statement
Remarks by the Deputy Prime Minister for the 2022 Fall Economic Statement
Backgrounder: Making Life More Affordable
Backgrounder: Making Housing More Affordable
Backgrounder: Jobs, Growth and an Economy That Works for Everyone
Technical Backgrounder: Canada Growth Fund
Annual Financial Report 2021–22
Legislation to double the GST credit for six months receives royal assent
Government of Canada introduces legislation to make life more affordable for Canadians
Legislation to grow Canadian economy and make life more affordable receives royal assent
Deputy Prime Minister outlines government’s Affordability Plan for Canadians
Toward $10 a Day: Early Learning and Child Care
SOURCE Employment and Social Development Canada