LONDON, ON, Oct. 27, 2017 /CNW/ - When you have an economy that works for the middle class, you have a country that works for everyone. The investments the Government has made in people, in our communities and in our economy are working. Canada has the fastest growing economy in the G7—and we are reinvesting the benefits of that growth back into the people who contribute most to that success.
Today in London, Minister Jean-Yves Duclos highlighted how the Government intends to strengthen the Canada Child Benefit (CCB) by making annual cost of living increases starting in July 2018—two years ahead of schedule. For a single parent of two children making $35,000, a strengthened CCB will contribute $560 in the 2019–20 benefit year towards the cost of raising his or her children. That means more money, tax-free, for books, skating lessons or warm clothes for winter. The added confidence the CCB brings to families has been shown to have an immediate impact on economic growth.
This week's Fall Economic Statement provides an update on how the Government's investments in the economy and the middle class are delivering real results for Canadians:
- Canada is the fastest growing economy in the G7—by a wide margin—growing at an average rate of 3.7 per cent over the last year, which is the fastest pace of growth since early 2006.
- Job creation is strong, with over 450,000 new jobs created in the last two years, and the unemployment rate at its lowest level since 2008.
- Growth is forecast to be 3.1 per cent in 2017—significantly above expectations at the beginning of the year.
As our plan works to strengthen the economy, the Government will continue to make smart, targeted investments in an innovative, inclusive and sustainable economy that works for the middle class. With Canada's economy growing faster than it has in over a decade, the Government is reinvesting in Canada's middle class by cutting taxes for small business, and providing more money to families through the CCB, while helping low-income Canadians by bolstering the Working Income Tax Benefit. By working together, we will make sure Canadians have every opportunity to succeed, and to build their future and a country we can all be proud of.
"The tax-free Canada Child Benefit provides a welcome boost for Canadian parents. Whether the extra money is used for things such as signing up their children for summer camp, helping cover the family grocery bill, or buying warm coats for the winter, the CCB helps parents with the high costs of raising their kids. The investments made in people, in our communities and in our economy have put more money in the pockets of those who need it most, are creating more well-paying jobs and are giving Canadians greater confidence in their future."
- Jean-Yves Duclos, Minister for Families, Children and Social Development
- The CCB currently provides a maximum annual benefit of up to $6,400 per child under the age of 6 and up to $5,400 per child for those aged 6 through 17.
- About 65 per cent of families receiving the maximum CCB amounts are single parents, of whom 90 per cent are single mothers.
- During the first benefit year, over 3.3 million families received more than $23 billion in CCB payments, and those better off under the CCB saw an average of almost $2,300 more in benefits, tax-free.
- The CCB has helped lift 300,000 children out of poverty and, by the end of this year, child poverty will have been reduced by 40 per cent from what it was in 2013.
- Fall Economic Statement
- Fall Economic Statement Speech
- Backgrounder: Strengthening the Canada Child Benefit
SOURCE Employment and Social Development Canada
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