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Budget 2016 Is a Clear Step Toward That Future

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Budget 2016 Is a Clear Step Toward That Future Tabled in the House of Commons by the Honourable William Francis Morneau, P.C., M.P. Minister of Finance March 22, 2016 ©Her Majesty the Queen in Right of Canada (2016) All rights reserved All requests for permission to reproduce this document or any part thereof shall be addressed to the Department of Finance Canada. For more information, please contact Service Canada at 1 800 O-Canada (1-800-622-6232) TTY: 1-800-926-9105 Cat. No.: F1-23/3E-PDF ISSN: 1719-7740 This document is available on the Internet at www.fin.gc.ca Cette publication est aussi disponible en français. TABLE OF CONTENTS A New Approach .................................................................................................... 9 The Promise of Progress ......................................................................................................................10 An Uncertain Future ............................................................................................................................11 The Rise of Inequality...........................................................................................................................14 Realizing Change ..................................................................................................................................15 Restoring Hope, Rewarding Hard Work .......................................................................................... 16 Positioning Canada in a Shifting World Economy ........................................................................ 17 A Long-Term Plan for Growth ................................................................................................................... 19 Toward More Inclusive Growth................................................................................................................. 22 Conclusion ..............................................................................................................................................23 The Path Forward ................................................................................................ 25 Introduction ...........................................................................................................................................25 Global Economic Developments and Outlook ............................................................................... 27 Global Growth Has Slowed ........................................................................................................................ 27 Financial Market Volatility Has Risen ....................................................................................................... 31 Commodity Prices Have Fallen Sharply................................................................................................... 33 Canada’s Economic Situation ............................................................................................................. 34 The Effect of Low Oil Prices on National Income, Investment and Employment ..................... 34 Positive Developments Outside the Energy Sector ............................................................................. 38 The Conditions for More Robust Growth Going Forward ............................................................... 40 Outstanding Risks to the Economic Outlook ........................................................................................ 43 Canada’s Fiscal Strength .....................................................................................................................46 Taking Action to Grow the Economy ...................................................................................................... 46 Economic Impacts of Measures ..................................................................................................... 49 A Responsible Approach to Fiscal Management ................................................................................. 50 A Responsible Return to Balanced Budgets .......................................................................................... 51 Repealing the Federal Balanced Budget Act ............................................................................ 53 Chapter 1 – Help for the Middle Class ............................................................ 55 Introduction ...........................................................................................................................................55 Strengthening the Middle Class ........................................................................................................ 56 Introducing the Canada Child Benefit .................................................................................................... 57 How Canadian Families Will Benefit From the New Canada Child Benefit ................................ 63 Eliminating Income Splitting for Couples With Children ................................................................... 64 Eliminating the Children’s Fitness Tax Credit and the Children’s Arts Tax Credit ..................... 64 Helping Young Canadians Succeed .................................................................................................. 65 Making Post-Secondary Education More Affordable ......................................................................... 65 Enhancing Canada Student Grants ............................................................................................. 65 Making Student Debt More Manageable .................................................................................. 67 Introducing a Flat-Rate Student Contribution .......................................................................... 68 Eliminating the Education Tax Credit and the Textbook Tax Credit ................................. 68 1 Helping Youth Obtain Valuable Work Experience ............................................................................. 70 A Renewed Youth Employment Strategy .................................................................................. 70 Prime Minister’s Youth Council ...................................................................................................... 71 Youth Service ....................................................................................................................................... 71 Expert Panel on Youth Employment ........................................................................................... 71 Increasing Co-op Placements and Strengthening Work Integrated Learning .............. 72 Improving Employment Insurance ................................................................................................... 72 Expanding Access to Employment Insurance for New Entrants and Re-entrants ................... 73 Reducing the Employment Insurance Waiting Period From Two Weeks to One .................... 74 Extending the Working While on Claim Pilot Project ......................................................................... 74 Simplifying Job Search Responsibilities for Employment Insurance Claimants.......................... 74 Extending Employment Insurance Regular Benefits in Affected Regions ................................... 75 Extending the Maximum Duration of Work-Sharing Agreements ................................................ 77 Making Employment Insurance Service Delivery More Responsive .............................................. 77 Enhancing Access to Employment Insurance Call Centres .............................................................. 77 Strengthening the Integrity of the Employment Insurance Program ........................................... 78 Investing in Skills and Training .......................................................................................................... 80 Enhancing Investments in Training ......................................................................................................... 80 Strengthening Union-Based Apprenticeship Training....................................................................... 81 Investing in Adult Basic Education in the North .................................................................................. 81 Increasing the Northern Residents Deduction ..................................................................................... 81 Supporting Flexible Work Arrangements .............................................................................................. 82 Labour Market Information for Canadians ............................................................................................ 82 Introducing a Teacher and Early Childhood Educator School Supply Tax Credit .................... 82 Chapter 2 – Growth for the Middle Class....................................................... 85 Introduction ...........................................................................................................................................85 Investing in Infrastructure to Create Jobs and Prosperity for the Middle Class ...................... 86 Phase 1 of Canada’s New Infrastructure Plan....................................................................................... 88 Building Strong Cities Through Investments in Public Transit ......................................................... 91 Investing in Green Infrastructure .............................................................................................................. 93 Building Capacity in Municipalities to Address
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