Last month, the finance minister provided his fall update to Canadians on the state of the economy. The investments we’ve made in people, in communities and in the economy have put more money in the pockets of those who need it most, are creating more well-paying jobs, and are giving Canadians greater confidence in their future. Today, Canada has the fastest growing economy in the G7 and the federal debt-to-GDP ratio continues to steadily decline.
Because of this strong economic growth, our government is re-investing in families and communities, and taking important next steps to ensure everyone can share in the success we achieve as a country.
The Canada Child Benefit has already helped raise 300,000 children out of poverty across Canada and has had an immediate effect on consumer confidence and economic growth. The families of more than 24,810 children here in Mill Woods are already receiving this tax-free benefit, giving them more money in their pockets to spend, invest, and save. Starting next year, the CCB will indexed to inflation, helping ensure that even more families can benefit and keep pace with the rising cost of living. For many families in our community, this will mean they receive hundreds of dollars more every month.
There are more than 450,000 net new jobs in Canada than there were when our government came into office in 2015. But we know there is more work to do and that’s why we recently announced additional support for lower-income workers. We are enhancing the Working Income Tax Benefit which cuts taxes for eligible workers. This benefit helps low-income workers keep more of their hard-earned money from each pay cheque while encouraging others to join the workforce.
We also know that Canada needs to attract the best and brightest to compete in the global economy. That’s why we recently announced that Canada will welcome a historic level of immigrants over the next three years, totaling more than one million people by the end of 2020. The majority of newcomers will be economic immigrants who will bring the specialized skills Canada needs to counter slowing labour force growth and an aging population. We know that recent immigrants are more likely to succeed when supported by family, so we will also increase the number of sponsored spouses, children, parents, grandparents and caregivers. These measured, gradual increases will spur innovation and represent a major investment into Canada’s prosperity, now and into the future.
Both Alberta and Canada are on the right track. By making smart, targeted investments now, we can help ensure Albertans and all Canadians prosper for generations to come.