THUNDER BAY – NEWS – Speaking 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 the Liberal government 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.
Liberal Goal – More Money for Middle Class
“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,” stated 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,” stated Patty Hajdu, MP for Thunder Bay—Superior and Minister of Status of Women.
Economic Outlook for Thunder Bay – Sluggish
The announcement comes as the Conference Board of Canada projects that the Thunder Bay economy will remain sluggish with only modest growth for the next year. The local real estate outlook is also forecasting slower growth due to a lagging economy. Housing starts in Thunder Bay were down significantly in July. “The latest data shows that housing starts activity trended down slightly due to tepid apartment starts and below average singles starts. Flat employment conditions are the principal reason for an unspectacular year for housing starts thus far in Thunder Bay,” stated Warren Philp, CMHC Market Analyst for the Thunder Bay CMA, speaking to the local market conditions.
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.