EDMONTON, Oct. 26, 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.
Patty Hajdu, Minister of Employment, Workforce Development and Labour, was in Edmonton, Alberta today to highlight the Government's plan to put more money in the pockets of low-income workers—including families without children and the growing number of single Canadians—by further enhancing the Working Income Tax Benefit (WITB) by an additional $500 million per year, starting in 2019. This enhancement will be in addition to the increase of about $250 million annually that will come into effect in that year as part of the enhancement of the Canada Pension Plan. These two actions will boost the total amount the Government spends on the WITB by about 65 per cent in 2019, increasing benefits to current recipients and expanding the number of Canadians receiving support.
This week's Fall Economic Statement provided 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 support to families through the Canada Child Benefit, while helping low-income Canadians by enhancing the Working Income Tax Benefit.
"Helping low-income working Canadians break down barriers that limit their opportunities helps them join the middle class. Enhancing the Working Income Tax Benefit will give low-income workers extra help to pay their bills and support themselves and their families. By investing an additional $500 million in the Working Income Tax Benefit, our Government is providing important income support will ensure everyone has a fair shot at success."
- Patty Hajdu, Minister of Employment, Workforce Development and Labour
"Canadians living in poverty face multiple barriers that prevent them from building the financial stability and assets they need to pursue proven routes to prosperity. We are pleased to learn that additional financial support will be provided to reduce financial barriers and increase the financial well-being of people living on low incomes."
- Barb Spencer, CEO, e4c
- Fall Economic Statement
- Fall Economic Statement Speech
- Government Moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class
- Targeted Tax Fairness Measures Will Protect Middle Class Small Business Owners
SOURCE Employment and Social Development Canada
For further information: Matt Pascuzzo, Press Secretary, Office of the Minister of Employment, Workforce Development and Labour, [email protected], 819-654-4183; Media Relations, Department of Finance Canada, [email protected], 613-369-4000; General Enquiries, Phone: 613-369-3710, Facsimile: 613-369-4065, TTY: 613-369-3230, E-mail: [email protected]