Government of Canada's Plan for a Strong Middle Class Brings Real Change to Sault Ste. Marie
August 10, 2016 - Sault Ste. Marie, Ontario - Department of Finance Canada
The Government of Canada knows that a strong middle class means hard-working Canadians can look forward to a good standard of living throughout their lives and a better future for their children.
The Government's plan puts people first in making smart, necessary investments to grow the economy today while positioning Canada as a leader of tomorrow. It recognizes that when you have an economy that works for the middle class, you have a country that works for everyone.
Today at Child Care Algoma, Finance Minister Bill Morneau and Terry Sheehan, Member of Parliament for Sault Ste. Marie, highlighted key measures from this plan that put more money in the pockets of Canadians who need it most, so they can buy healthier food, pay for their kids' activities, and live more comfortably in retirement.
As one of its first actions, the Government cut taxes for nearly 9 million middle-class Canadians. Single individuals who benefit will see an average tax reduction of $330 every year. Couples who benefit will see an average tax reduction of $540 every year.
Since July 20th, thanks to the new Canada Child Benefit (CCB), nine out of ten families with children have been receiving more in child benefits from their government. On average, those families will receive about $190 a month extra for the 2016-17 benefit year. This new program will lift hundreds of thousands of children out of poverty. Compared to the child benefit system it replaces, the CCB is simpler, more generous, tax-free, and targeted to those who need it most.
Minister Morneau also highlighted the historic agreement in principle to strengthen the Canada Pension Plan (CPP). Delivering on a commitment to Canadians to help them achieve their goal of a strong, secure, and stable retirement through an enhanced CPP, the Government will boost the income replacement from one quarter to one third of pensionable earnings, and raise the maximum amount of income subject to CPP by 14 per cent to a target of $82,700 by 2025.
Minister Morneau underscored the Government's commitment to bringing real change to Canadians in every stage of their lives—helping our children, our parents and our grandparents.
"When you have an economy that works for the middle class, you have a country that works for everyone. The Government's plan puts people first and ensures that the middle class and those working hard to join it can thrive, both today and in the future. It puts more money in their pockets to spend on things that matter most to them, whether it's helping with everyday costs like groceries or providing their children the opportunity to go to summer camp. We know that Canadians work hard and deserve the chance to succeed in every stage of their lives, from childhood to parenthood, to retirement."
—Bill Morneau, Minister of Finance
"The investments our Government has made through the Canada Child Benefit, the middle class tax cut and the recent Canada Pension Plan Enhancement will make a significant difference in the lives of hundreds of thousands of children and their families, many of whom live right here in Sault Ste. Marie. It was an honour to host Minister Morneau in our beautiful city, and I'm glad we had the chance to visit with parents and kids who will benefit from these investments. Like him, I'm proud to be part of a government that makes the needs of middle class families—in Northern Ontario and right across the country—a priority and that helps provide them with the means to succeed and to accomplish their dreams."
—Terry Sheehan, M.P. for Sault Ste. Marie
- Government of Canada's Plan for a Strong Middle Class Receives Royal Assent
- Canada's Finance Ministers Agree to Strengthen Canada Pension Plan
- Budget 2016: Growing the Middle Class
Office of the Minister of Finance
Department of Finance Canada