Government of Canada's Plan for a Strong Middle Class Brings Real Change to Thunder Bay
August 10, 2016 - Thunder Bay, 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 the Ogden Community Public School, Finance Minister Bill Morneau, alongside Patty Hajdu, Member of Parliament for Thunder Bay—Superior North, and Don Rusnak, Member of Parliament for Thunder Bay—Rainy River, 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
"It was a pleasure to welcome Minister Morneau to Thunder Bay to discuss the Canada Child Benefit. As a single mother who raised two boys, I know the investments that our government has made will make a tremendous difference for so many families across Thunder Bay—Superior North and Northern Ontario."
— Patty Hajdu, MP for Thunder Bay—Superior and
Minister of Status of Women
"It was very exciting to have Minister Morneau in Thunder Bay this afternoon. The new Canada Child Benefit will help ensure that families across our city can put their kids in summer camps and buy back to school supplies in the fall. I am looking forward to seeing the positive results that this benefit will deliver for the people of Thunder Bay—Rainy River."
— Don Rusnak, MP for Thunder Bay—Rainy River
- 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