The Minister of Transport and Members of Parliament announce details of the government's plan to build an economy that works for everyone Français
CAMBRIDGE, ON, Nov. 7, 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.
Today the Minister of Transport, the Honourable Omar Alghabra, the Member of Parliament for Waterloo, the Honourable Bardish Chagger, the Member of Parliament for Kitchener South-Hespeler, Ms. Valerie Bradford, and the Member of Parliament for Kitchener-Conestoga, Mr. Tim Louis, met with the President of Conestoga College, Dr. John Tibbits and the Dean of Trades and Apprenticeship at Conestoga College, Ms. Suzanne Moyer to announce the commitment to eliminating interest on federal student and apprentice loans.
The 2022 Fall Economic Statement proposes to permanently eliminate interest on the federal portion of all Canada Student Loans and Canada Apprentice Loans. This would take effect as of April 1, 2023 and would also include those currently being repaid. This change has an estimated cost of $2.7 billion over five years and $556.3 million ongoing after that. This important step will offer relief for new graduates coping with the high cost of living.
"The transition from school to working life should be made easier, not harder. The 2022 Fall Economic Statement proposal to make all Canada Student Loans and Canada Apprentice Loans permanently interest-free, including those currently being repaid, beginning on April 1, 2023, means that students and apprentices can focus on investing in building their futures."
The Honourable Omar Alghabra, Minister of Transport
"This commitment to making all student loans and apprentice loans in Canada permanently interest-free eases the financial burden that many face after graduating and will make life more affordable for those who need it most."
The Honourable Bardish Chagger, Member of Parliament for Waterloo
"Students and young people have been some of the hardest hit by the impacts of inflation through higher food and rent prices. Our government believes that the transition from school to working life should be made easier, not harder, and today's announcement will help to ease the pinch for 1.8 million Canadians and generations to come"
Valerie Bradford, Member of Parliament for Kitchener South-Hespeler
"Our federal government just made students' lives more affordable. We have eliminated interest on federal student and apprentice loans, giving graduates more support as they enter the job market."
Tim Louis, Member of Parliament for Kitchener-Conestoga
- 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, and incentivizing higher wages for workers by increasing the level of the credit when certain labour protections are met;
- 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.
- 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 2021-2022
- Affordability Plan
- 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
SOURCE Transport Canada
Media may contact: Nadine Ramadan, Press Secretary and Communications Advisor, Office of the Honourable Omar Alghabra, Minister of Transport, [email protected]; Media Relations, Transport Canada, Ottawa, 613-993-0055, [email protected]
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