In 2015 our government was elected to enact a variety of reforms to support the middle class and those seeking to join it. We committed to cutting taxes for the middle class, a newer, fairer, and tax-free Canada Child Benefit (CCB) and a reformed Canadian Pension Plan that will do more so secure retirement for Canadians.
Budget 2016 cut taxes for the middle class and eliminated tax breaks for the wealthy. Combined with the new tax cut for the middle class and a new tax bracket for those earning more than $200,000 a year, Budget 2016 will give Canada’s middle class the help it needs to grow and prosper.
As of last month Canadians from coast-to-coast-to-coast will benefit from the newer, fairer, and tax-free Canada Child Benefit which will put approximately $930 million into the pockets of regular Albertan families, and give Calgarians more money to save, invest, and grow the economy. Nine out of ten families will see more money and this will bring an estimated 300,000 children out of poverty.
The CCB is tax-free: meaning that Canadian families will not have to pay back anything on their taxes like previous child tax benefits. Families will not need to apply – it will be automatically recalculated based on their previous year’s tax return (2015).
Back in June, our government reached an historic agreement to make meaningful changes to the Canada Pension Plan that will allow Canadians to retire with more money in their pockets. The deal will boost how much each Canadian will get from their pension – from one quarter of their earnings currently, to a full one third. To make sure these changes are affordable we have chosen to phase them in slowly over seven years – starting in 2019 – so that the impact is manageable and gradual.
We also moved forward by restoring the eligibility age for Old Age Security (OAS) and Guaranteed Income Supplement (GIS) to 65, putting an estimated $13,000 more into the pockets of our lowest income seniors each year. To keep OAS and GIS at pace with the rising costs faced by seniors each year, we introduced a Seniors Price index.
Additionally, we increased the Guaranteed Income Supplement for single, low income seniors by 10%; giving one million of our most vulnerable seniors almost $1,000 more each year.
As always, you can contact my office by email at email@example.com or by phone at 403.244.1880. My office is located at 950 6 Ave SW and my door is always open to you. You can follow my work in Parliament online at www.KentHehrMP.ca where you can watch clips of yours truly in question period and sign up for my e-newsletter. We look forward to hearing from you and wish you a restful and fun filled summer!
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