Government of Canada Releases Fall Economic Statement 2022

November 3, 2022 | Vision Newspaper |

Today, the Deputy Prime Minister  and Minister of Finance, Chrystia Freeland, released the 2022 Fall Economic Statement. The statement builds the work already underway to make life more affordable, build an economy that works for all Canadians, and ensure we are prepared for what lies ahead.

We are investing in Canadians: from permanently eliminating interest on student and apprentice loans, to helping people buy their first home and continuing to attract investment in our clean economy and create good jobs.

We are also delivering much-needed relief for those who need it most this year by doubling the GST tax credit, providing dental care for kids under 12, and helping people pay their rent.

Amid global economic uncertainty, we will continue to be there for people as we build an economy that works for all Canadians.

We are making life more affordable by:

• Permanently eliminating interest on Canada Student Loans and Canada Apprentice Loans;
• Creating a new quarterly Canada Workers Benefit to help lower income workers pay the bills throughout the year;
• Delivering on key pillars of the government’s plan to make housing fairer and more affordable; and,
• Lowering credit card transaction fees for small businesses.
• This is in addition to the many investments in Canadians that are already making life more affordable this year, including:
  • Doubling the GST tax credit for six months;
  • Delivering a $500 payment to help low-income renters;
  • Providing dental care for children under 12;
  • Increasing the Canada Workers Benefit to put up to $2,400 in the pockets of low-income families;
  • Cutting child care fees in half and creating more spaces;
  • Delivering the Canada Child Benefit, which puts more money in the pockets of nine out of 10 families;
  • Permanently increasing OAS payments for seniors over 75;
  • And more.

We are investing in jobs, growth, and an economy that works for all Canadians by:

• Launching the new Canada Growth Fund which will help bring to Canada the billions of dollars in new private investment required to cut pollution, grow our economy, and create good jobs;
• Introducing major investment tax credits for clean technologies and clean hydrogen;
• Creating the Sustainable Jobs Training Centre and investing in a sustainable jobs stream of the Union Training and Innovation Program;
• Ensuring truck drivers are protected by the Canada Labour Code and benefit from employer contributions to Employment Insurance, the Canada Pension Plan and provincial/territorial workplace injury programs; and,
• Investing in the Youth Employment and Skills Strategy to help youth—especially those from marginalized communities—develop the skills required to find and keep good jobs.
• Our economy is strong: 400,000 more Canadians are working today than before the pandemic, and our unemployment rate is near its record low.
• Thanks to a responsible fiscal plan, Canada has a triple-A credit rating, the strongest economic growth in the G7 this year, and the lowest net debt- and deficit-to-GDP ratios in the G7.
• Today’s Fall Economic Statement is about making life more affordable and building an economy that works for all Canadians.

SOURCE Government of Canada