Minister Morneau Highlights Investments in Canadians to International Financial Leaders
March 30, 2016 – New York, New York – Department of Finance
Finance Minister Bill Morneau today spoke with investors and business leaders about the Government’s approach to revitalize the Canadian economy and the benefits of growing the middle class.
At his first international event following the release of the 2016 federal budget, Minister Morneau spoke at a luncheon hosted by the Canadian Association of New York. The luncheon was attended by international business leaders and investors, who heard the Minister outline the Government’s vision to make Canada a global innovation leader. This vision includes improving opportunities for the country’s creative entrepreneurs and innovative companies to grow their businesses and enter global markets.
The Minister highlighted the Government’s efforts to strengthen the middle class through tax cuts announced in December 2015 and through the proposed Canada Child Benefit. These measures will put more money in the pockets of 9 out of 10 Canadian families. When combined with strategic long-term investments in infrastructure that take advantage of Canada’s enviably low net debt-to-GDP (gross domestic product) ratio, it is clear that Canada has both the capacity and the willingness to act now to ensure a better future for this and future generations.
The Government of Canada will implement an historic plan to invest more than $120 billion in infrastructure over 10 years, to better meet the needs of Canadians and better position Canada’s economy for the future.
Budget 2016 will also help young Canadians succeed by providing $1.53 billion over five years to low- and middle-income students through the Canada Student Grant. The Government of Canada supports an open trade and investment environment that allows firms to become more competitive and provides better jobs for the middle class. Canada is committed to ambitious action on climate change, and is focused on the economic opportunities of our environment and creating the clean energy jobs of tomorrow.
"Canada is at a unique moment in our history where we have both the capacity and the willingness to act. There has never been a better time to invest in Canada. Through Budget 2016, the Government is investing in a future where our children and grandchildren can be confident they will inherit a country even greater than the one their parents built."
- Bill Morneau, Minister of Finance
- Canada has the lowest net debt-to-GDP ratio of any G7 country, and interest rates are at historic lows.
- Through investments totalling $50 billion over the next six years—and the middle class tax cut introduced in December 2015—Budget 2016 will help raise the level of real GDP over the next two years by 1 per cent.
- Canadian families benefiting from the Canada Child Benefit will see an average increase in child benefits of almost $2,300 in 2016–17.
Office of the Minister of Finance
Department of Finance