Minister Mendicino discusses how 2022 Fall Economic Statement will help families in Windsor-Essex
November 8, 2022
In the recent 2022 Fall Economic Statement, the Government of Canada outlined the latest steps in its plan to make life more affordable for Canadians while continuing its sound stewardship of the economy. To help families with mounting costs, like rising prices at the checkout counter, the government is delivering targeted support to those who need it the most.
The Honourable Marco Mendicino, Minister of Public Safety, today joined LiUNA 625 to discuss how the Fall Economic Statement will make life more affordable for workers and families in the Windsor-Essex region. This includes putting more money in the pockets of some 11 million Canadians by doubling the GST Credit, better supporting workers by enhancing the Canada Workers Benefit and helping the graduates of today and tomorrow by eliminating interest on federal student and apprentice loans.
The Fall Economic Statement outlines next steps in the government’s plan to make housing more affordable, including by helping people save to buy a home and cracking down on house flipping. It also lays out a blueprint to create good jobs and strengthen Canada’s clean energy industry while building a net-zero economy. Finally, the FES commits an additional $137 million for the Canada Border Services Agency, which will add resources at Canada’s border to keep trade and travel moving while fighting smuggling.
The Canadian economy faces global headwinds from a position of strength. Canada has the strongest economic growth in the G7 this year, a triple-A credit rating and the lowest debt-GDP ratio in the G7. Furthermore, our unemployment rate is near a record low—over 500,000 more Canadians are working today than before the pandemic.
“The Fall Economic Statement is a responsible plan to make life more affordable, grow the economy and create good jobs in Windsor-Essex. Canadians in this region, and across the country, can count on our government to continue to be there with meaningful support to put money in the pockets of those who need it most.”
– The Honourable Marco Mendicino, Minister of Public Safety
- The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.
- New measures on affordability proposed in the 2022 Fall Economic Statement include:
- Permanently eliminating interest on federal student and apprentice loans;
- Creating a new, quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner;
- Delivering on key pillars of the government’s plan to make housing more affordable, including the creation of a new Tax-Free First Home Savings Account, a doubling of the First-Time Home Buyers’ Tax Credit, and ensuring that property flippers pay their fair share; and,
- Lowering credit card transaction fees for small business.
- Annual Financial Report 2021-2022
- Affordability Plan
- Legislation to double the GST Credit for six months receives Royal Assent
- Government of Canada introduces legislation to make life more affordable for Canadians
- Legislation to grow Canadian economy and make life more affordable receives Royal Assent
- Deputy Prime Minister outlines government’s Affordability Plan for Canadians