Finance Minister Bill Morneau visisted the Northern Water Sports Centre on Aug. 9, alongside Paul Lefebvre, MP for Sudbury, and Marc Serré, MP for Nickel Belt, to participate in a Facebook Live town hall.
The town hall was moderated by the Minister of Small Business and Tourism, Bardish Chagger.
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 20, 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.
“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,” said Morneau.
“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.”
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.
