. Finance Minister Bill Morneau’s prepared speech to parliament follows the full budget document below.Last week, I was back home in Toronto—where I had a chance to visit with some young people at the Boys and Girls Club in Regent Park.It was March Break last week, so they were pretty focused on having fun, like kids their age should be.
And alongside all of this is the most important relationship our country will ever have—the one with Indigenous Peoples.When we came into government in the fall of 2015, unemployment was stubbornly high, wages were stagnant, and consumer confidence in decline.When the time came to make a choice about what kind of country they wanted to raise their families in, and grow older in, and leave to their children and grandchildren, Canadians chose a positive approach.
To help Canadians feel more confident about the future, we strengthened the Canada Pension Plan—giving Canadian workers greater income security when it’s their turn to retire. In the last year alone, of all the new jobs created, more than half—54 per cent—went to Canada’s talented, hard-working, ambitious women.You get an unemployment rate at its lowest levels in more than 40 years …
There’s a growing sense of uncertainty taking root around the world, Mr. Speaker, and Canada is not immune to those worries. With this budget, Mr. Speaker, we are continuing with our proven and successful plan of investing in the middle class.That means taking steps to ensure that more Canadians can afford a place to live that is safe and secure—a place they can be proud to call home.
There aren’t enough houses for people to buy, or apartments for people to rent. That makes finding a good place to live too expensive—beyond what many people can afford. This includes increasing the RRSP Home Buyers’ Plan withdrawal limit to $35,000 from $25,000, to reflect the realities of house prices today.
That’s real help for people who want to own their own home. For young people. For families. For Canadians who need just that little extra help to make their dream of owning a home a reality.This includes young and unemployed people who need help getting into the job market. It also includes a training support benefit, operated through the Employment Insurance program. With this support, workers won’t have to choose between their training needs and their family’s needs. They can take the time they need to learn new skills, knowing they’ve got help to cover their living expenses.
For employers, it will mean a workforce that has the skills and confidence needed to help grow their businesses—and our economy. For the 99 per cent of student borrowers who have a floating interest rate on their Canada Student Loans, the interest they pay will be lowered to the prime lending rate. When people can’t afford the medicine they need, they are less healthy and less able to contribute—in their families, in their work, and in their communities. That costs us all, Mr. Speaker.
Second, to help Canadians access the prescription drugs they need, no matter where they live, this new Agency will work with the provinces and territories to determine which medicines represent the best value for money for Canadians—right across the country. We will work closely with provinces and territories, and other partners, on this—and we look forward to receiving the Advisory Council’s final report, due later this spring.
We also helped to put thousands of dollars back in the pockets of Canadians as they become seniors, by restoring the eligibility age for Old Age Security and the Guaranteed Income Supplement back to 65. And to help low-income working seniors, we’re enhancing the Guaranteed Income Supplement earnings exemption—so that seniors who wish to work can keep more of their pay and benefits.
From small businesses looking to reach customers around the world … to seniors who want to stay in touch with family and friends … to college students who want to move home for the summer but still be able to take online courses or apply for work … high-speed internet is a necessity, not a luxury.By 2030, every Canadian home and small business will have access to high-speed internet, no matter where they are located in the country.
We’ll also provide immediate expensing to a full range of zero-emission vehicles, so that businesses that want to switch over their fleet can recoup that investment sooner.
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