Minister Ng highlights the government’s plan to build an economy that works for everyone

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 familiescope with increasing costs, like rising prices at the checkout counter, the government isdelivering targeted support to the Canadians who need it the most, including by: doubling theGST Credit for 11 million eligible Canadians; enhancing the Canada Workers Benefit to support4.2 million Canadians; and making federal student and apprentice loans permanently interest freefor the graduates of today and tomorrow. To support small businesses, there is a plan in place toreduce credit card fees and invest in sustainable jobs.

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 helping families to grow, their homes to be multigenerational. And it lays out an ambitious plan to strengthen industry and build a thriving net-zero economy with opportunities and jobs for Canadians.

At a roundtable in Markham, Minister Ng outlined the affordability plan which provides more targeted support to the most vulnerable while bringing down our deficit and shrinking our debt. This is a fiscally responsible plan to make life more affordable and grow the economy to create good-paying jobs for today and for tomorrow.

Quick Facts

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,

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· 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.

Quotes:

“Our Fall Economic Statement outlines a plan that works for all Canadians. This 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 deliver targeted supports to the most vulnerable, while also bringing down our deficit.”

Honourable Mary Ng, MP for Markham-Thornhill, Minister of International Trade, Export Promotion, Small Business and Economic Development

“We are keeping life affordable for those who need it most by eliminating interest on federal student loans, initiating a new quarterly Canada Workers Benefit, and doubling the GST tax credit payment. To prepare for any potential economic uncertainties, we have set aside $60 million to create a new rapid response fund for workers to support existing labour market programs.”

Jean Yip, MP for Scarborough-Agincourt

“During the pandemic, the government put in place necessary relief programs to make sure we have everybody’s back. With the Fall Economic Statement, our government will continue to be there with compassionate, targeted support for Canadians who need it most. These policies worked. In October, thanks to the hard work of Canadian workers and businesses, Canada gained 119,000 jobs which means there are 513,000 more Canadians working today than before Covid first hit. Our unemployment rate is near its record low. In fact, Canada has now recovered 117% of the jobs lost since the start of the pandemic. While the Canadian economy is facing global headwinds, Canadian businesses are hiring, as they have confidence in the fundamental strength of our economy.”

Majid Jowhari, MP for Richmond Hill

文章来源:华人头条-多伦多通讯社

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