Minister of Finance Highlights Long-Term Plan to Grow the Economy at Commons Finance Committee

November 28, 2016 – Ottawa, Ontario – Department of Finance Canada

The Government of Canada knows that a strong middle class means Canadians can look forward to a good standard of living throughout their lives and a better future for their children. With Budget 2016 and the Fall Economic Statement, the Government of Canada is making smart and necessary investments to strengthen the middle class and position Canada for success in the global economy of tomorrow.

In an appearance today before the House of Commons Standing Committee on Finance, Minister of Finance Bill Morneau highlighted the ways in which Budget 2016 and the Fall Economic Statement will strengthen the middle class and grow the economy in the long term.

Minister Morneau also discussed the Budget Implementation Act, 2016, No. 2 (BIA 2), which will ensure the new Canada Child Benefit (CCB) grows in line with inflation as of July 1, 2020, so that its real value is not eroded over the long term. Since July, nine out of ten Canadian families are receiving more with the CCB than under the previous system of child benefits—lifting hundreds of thousands of children out of poverty.

The BIA 2 also strengthens consumer protection by providing them with access to basic banking services and enhancing business practices, disclosure, complaints handling, as well as corporate governance and accountability. It also takes steps to fulfill G20 commitments in the areas of tax fairness and compliance.

Quote

"Budget 2016 represents a giant step forward in our plan to put people first, and to deliver the help they need now, while investing for the years and decades to come. The BIA 2 will ensure that the CCB is indexed to inflation, so that families can continue to count on this extra help not only this year, but for years to come." 

- Bill Morneau, Minister of Finance

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