Developing Prosperity for all Canadians
Ottawa Journal (June 16 – June 20, 2021)
David Tilson, M.P.
According to a recent New York Times study, Canada’s middle class is the wealthiest in the world. With the highest after-tax income, Canadian middle-class families have surpassed their American counterparts after years of trailing behind. The study’s results reaffirm that Canada is on the right track. In fact, as a whole, the wealth and financial security of Canadian families in all income groups have seen significant improvements since our Government came into office.
Our Government knows that the best way to fight poverty and support financial security is to help ensure that Canadians have access to high-quality jobs and affordable costs of living. With over 1 million net new jobs created since the depth of the global recession – 90 per cent full-time and 80 per cent in high-wage industries – and the lowest federal tax burden in half a century, our Government is doing just that.
Our low-tax plan is putting money back in the pockets of hard-working Canadians, so they can meet the needs and priorities of their families. Over 1 million low-income Canadians including 380,000 seniors no longer pay any taxes. Our Government also increased the amount families in the two lowest personal income tax brackets can earn before paying taxes. We created the Universal Child Care Benefit to provide child care choice for parents and the Child Tax Credit. In all, the average Canadian family pays $3,400 less in taxes annually.
Canadian families are benefiting from our measures with families in all income groups having seen increases of about 10 per cent or more in their take-home pay since 2006.
What’s more, we have made notable progress in the fight against poverty. Since the previous government, there are 1.4 million fewer Canadians living in poverty including 225,000 fewer children. The number of Canadians living below the low income cut-off is at its lowest level in history ever and Canada currently has one of the lowest poverty rates among seniors in the world.
Canada is not immune to global economic challenges and we need to work hard to stay on the right track. Canadians can be confident that as our Government remains focused on their top priority, jobs, and the economy, we will help ensure long-term prosperity and financial security for now and for future generations.