Yesterday, Finance Minister Bill Morneau tabled the Fall Economic Statement. The Statement shows that Canada’s economy is outperforming expectations.
Because of this strong economic growth, our Government is reinvesting in families and communities and is taking important next steps to ensure the middle class and those working hard to join it can share in the success we achieve as a country.
Here are some of the highlights:
The Economy and Jobs
- The Canadian economy is growing faster than it has in a decade, with average growth of over 3.7 per cent over the last four quarters.
- Canada now has the fastest growth in the G7, giving the Government more flexibility to re-invest the benefits of that growth in the middle class and those working hard to join it.
- Over 450,000 jobs have been created in the last two years, and the unemployment rate has dropped to its lowest level since 2008.
- Youth unemployment is at an historic low.
Canada Child Benefit
- Over 3.3 million families received Canada Child Benefit payments of $6,800 on average in 2016-17.
- We are taking further action to strengthen the Canada Child Benefit to make sure it keeps pace with the rising cost of living, by making annual cost of living increases starting in July 2018—two years ahead of schedule.
- Our new measures will provide an additional $5.6 billion in support to Canadian families over the 2018-19 to 2022-23 period.
Working Income Tax Benefit
- We are enhancing the Working Income Tax Benefit by an additional $500 million per year starting in 2019.
- 4 million Canadians benefitted from the Working Income Tax Benefit in 2015.
- Our enhancement will allow workers—including families without children and the growing number of single Canadians—to keep more money from every paycheque.
- This enhancement is in addition to the $250 million annual increase that will come into effect as part of the enhancement of the Canada Pension Plan.
- These two enhancements will boost the total amount the Government spends on the Working Income Tax Benefit by about 65% in 2019, increasing benefits and expanding the number of Canadians who qualify.