CHARLOTTETOWN, PE, Nov. 7, 2022 /CNW/ – In the recent 2022 Fall Economic Statement, the Government of Canada highlighted its plan to continue its sound stewardship of the economy and to be there for Canadians. To help families cope with increasing costs, like rising prices at the checkout counter, the government is delivering targeted support to the Canadians who need it the most, including by doubling the GST credit for 11 million eligible Canadians, enhancing the Canada Workers Benefit to support 4.2 million Canadians, and making federal student and apprentice loans permanently interest-free for the graduates of today and tomorrow.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, highlighted the Government of Canada’s plan to cut child care fees by an average of 50% by the end of this year for families across Canada with children in regulated child care. Back in July 2021, the governments of Canada and Prince Edward Island announced an agreement that will help the province reach an average of $10-a-day early learning and child care in three years. Prince Edward Island is on track to meet this target by the end of 2024, significantly reducing the price of child care for families.
Minister Hutchings also highlighted the Government of Canada’s plan to make dental care more affordable for everyone through the Canada Dental Benefit, which will provide eligible parents or guardians with direct, upfront tax-free payments to cover dental expenses for their children under 12 years old. For those without dental coverage and with an annual family income of under $90,000 per year, the Canada Dental Benefit, once approved in Parliament, will provide payments totalling up to $1,300 per child over the next two years.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near its record low—over 500,000 more Canadians are working today than before the pandemic—the strongest economic growth in the G7 this year, a triple-A credit rating and the lowest net debt- and deficit-to-GDP ratios in the G7. Canadians should be confident that we will overcome any hurdles and prosper in the days ahead.
“The Fall Economic Statement is a fiscally responsible plan to make life more affordable and grow the economy. Canadians can be confident that our federal government will continue to be there with targeted support for Canadians who need it most. Today’s visit at First Friends Child Care Centre was an opportunity for me to highlight the Canada Dental Benefit, which will allow children under 12 without dental coverage to see a dentist through upfront tax-free payments. What’s more, our government is continuing its efforts to cut child care fees by an average of 50%, which should see Prince Edward Island with $10-a-day child care by the end of 2024.
– The Honourable Gudie Hutchings, Minister of Rural Economic Development
The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reduction of the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
New measures proposed in the 2022 Fall Economic Statement include:
1. Making life more affordable:
Permanently eliminating interest on federal student and apprentice loans
Creating a new, quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner
Delivering on key pillars of the government’s plan to make housing more affordable, including creating a new Tax-Free First Home Savings Account, doubling the First-Time Home Buyers’ Tax Credit and ensuring that property flippers pay their fair share
Lowering credit card transaction fees for small businesses
2. Investing in jobs, growth and an economy that works for everyone:
Launching the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy and create good jobs
Introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition, and incentivizing higher wages for workers by increasing the level of the credit when certain labour protections are met
Implementing a new tax on share buybacks by public corporations in Canada
Creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and tomorrow
SOURCE Innovation, Science and Economic Development Canada
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