Subjects: ECO, POL, CFG
The Government of Canada's plan is working: Canadians have created over 1 million jobs
JOLIETTE, QC, May 24, 2019 /CNW/ - Every Canadian deserves a real and fair chance to succeed. That is why, since 2015, the Government of Canada has made changes and investments that support middle class Canadians, while helping to create more jobs.
Today the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, was in Joliette to highlight the impact that the Middle-Class Tax Cut, the Canada Child Benefit (CCB), and the Employment Insurance (EI) premium rate reduction have had on Canadians. The Minister explained how along with a strong economy, these changes and investments have contributed to Canadians creating over 1 million jobs since November 2015, with over 246,000 in the province of Quebec.
In December 2015, the Government introduced a tax cut for middle-class Canadians by asking the wealthiest one percent to pay a little bit more. A new income tax rate of 33 percent was introduced for individuals who earn more than $200,000 a year in taxable income.
In July 2016, the Government launched the CCB, a simpler and tax-free child benefit that provides more money to 9 out of 10 families. Last summer, the Government began indexing the CCB to keep up with the cost of living, two years ahead of schedule, and recently announced that the benefit will be increased once again in July 2019. This means that for the 2019?20 benefit year, the maximum benefit will be $6,639 per child under age 6 and $5,602 per child aged 6 through 17.
Finally, the strength of the Canadian economy in 2018 contributed to the decrease of the EI premium rates, with more people working and fewer claiming EI benefits.
Today's Canadian economy is strong and one of the fastest growing in the G7.
Quote
"Every Canadian deserves a real and fair chance to succeed. We will continue to make the necessary investments to grow the economy for the middle class, because when you have an economy that works for the middle class ? you have an economy that works for everyone."
? The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
Quick Facts
- Across Canada, Canada Child Benefit (CCB) payments worth $23.7 billion benefit nearly 3.7 million Canadians and their families.
- As an example of the new CCB indexation rates for the 2019?20 benefit year, a single parent with two children under the age of 6 and an income of $30,000 will receive an additional $286 for the upcoming benefit year to keep up with the cost of raising their children. This means up to $13,278 in support every year.
- The 2019 EI premium rate of $1.62 per $100 of insurable earnings, down from $1.66 in 2018, represents a reduction of 26 cents from the 2016 rate of $1.88.
- For workers in Quebec, the 2019 EI premium rate of $1.25 per $100 of insurable earnings, down from $1.30 in 2018, represents a reduction of 27 cents from the 2016 rate of $1.52.
Associated Links
Canada Child Benefit
2019 Employment Insurance premium rate
Real Progress for Canada's Middle Class
SOURCE Employment and Social Development Canada
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