Minister Morneau Shares Vision for Long-Term Growth for the Middle Class With the St. John's Board of Trade
June 17, 2016 – St. John's, Newfoundland and Labrador – Department of Finance Canada
Canadians deserve an economic plan and vision that put people first, strengthen the middle class, and make smart, necessary investments to grow the economy today, while positioning Canada as a leader in the world of tomorrow.
Finance Minister Bill Morneau today took the Government's plan for long-term economic growth, and its vision for the future, to business leaders from Newfoundland and Labrador at an event hosted by the St. John's Board of Trade.
In his remarks, he highlighted the challenges facing Newfoundlanders and Labradorians, and pledged the federal government's continued collaboration to help struggling families through a variety of means, including through the Government's Middle Class Tax Cut, which came into force on January 1, 2016, ensuring roughly 9 million Canadians receive a bigger paycheque every payday.
Benefits for Newfoundland and Labrador in the Government's first budget, Growing the Middle Class, include additional support to the provincial government and the people of the province through an advance fiscal stabilization payment of about $31.7 million, and $15 million over two years for affordable housing in Nunatsiavut.
He also spoke about a more recent action to help the province get through its tough times by deferring provincial loan payments on a $266.7 million federal loan until 2022. This will allow Newfoundland and Labrador to scale back its new temporary deficit reduction levy introduced as part of the province's seven-year plan to return to surplus.
Minister Morneau highlighted the importance of working collaboratively with all levels of government to bring about real change, and his optimism for the upcoming Finance Ministers Meeting, which will continue the vital work underway to find consensus on an expanded Canada Pension Plan.
He also highlighted measures contained in Budget 2016 designed to help families with children. With the Canada Child Benefit, nine out of ten families will receive more money—$2,300 more on average—and hundreds of thousands of children will be lifted out of poverty. This is money directly in the pockets of mom and dad that can be used for everything from signing up their children for soccer camp, shopping for healthier food, or buying summer clothes.
Finally, the Minister also provided an update on ongoing work to review federal tax expenditures, as first announced in the 2016 budget. This includes engaging external experts to provide advice to Department of Finance Canada officials to ensure that the review is informed by a range of perspectives.
"Our government is committed to taking care of people now, and making sure Canada is prepared for the challenges and opportunities we will face tomorrow. By targeting areas like infrastructure and innovation, every dollar we invest can yield positive direct benefits like jobs, as well as long-lasting indirect benefits, like transformative new—and clean—technology in Newfoundland and Labrador and right across the country."
—Bill Morneau, Minister of Finance
- Government of Canada Helps Newfoundland and Labrador Through Hard Times
- Review of Federal Tax Expenditures
- Budget 2016: Growing the Middle Class
Office of the Minister of Finance
Department of Finance Canada