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Canada has outperformed all other G-7 economies in job creation over the recovery 2 Economic Action Plan 2014.

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Presentation on theme: "Canada has outperformed all other G-7 economies in job creation over the recovery 2 Economic Action Plan 2014."— Presentation transcript:


2 Canada has outperformed all other G-7 economies in job creation over the recovery 2 Economic Action Plan 2014

3 Job creation during the recovery has been in high-wage, full-time, private-sector employment 3 Economic Action Plan 2014

4 The Government remains on track to return to balanced budgets in 2015 4 Economic Action Plan 2014

5 Private sector economists expect both real and nominal GDP growth to pick up this year and next 5 Economic Action Plan 2014

6 Canada has performed better than most other G-7 economies during the global recession and the recovery 6 Economic Action Plan 2014

7 Federal debt as a share of GDP is expected to decline next year and to fall to 25 per cent of GDP by 2021 7 Economic Action Plan 2014

8 What does this mean for Ontario? Ontario will receive significant support through major federal transfers in 2014-15. All major federal transfers to provinces and territories will grow from current record levels, totaling $65 billion in 2014-15, an increase of 56% since 2005-06 under the former Liberal government For Ontario, Total Major Transfers will total $19.2 billion in 2014-15, including: Almost $2 billion through Equalization $12.3 billion through the Canada Health Transfer, an increase of $4.6 billion, or almost 60% since 2005-06 under the former Liberal government $4.8 billion through the Canada Social Transfer, an increase of almost $1.7 billion, or almost 53% since 2005-06 under the former Liberal government 8 Economic Action Plan 2014

9 Connecting Canadians with Available Jobs Launching the Canada Job Grant: Helping Canadians get the skills they need to get in-demand jobs. Helping Canadians with Disabilities: Providing $222 million to create new Labour Market Agreements for Persons with Disabilities to better help Canadians with disabilities get the skills they need to fill available jobs. Supporting Persons with Disabilities: Providing $15 million to the Ready, Willing & Able Initiative and $11.4 million to Community Works to help persons with intellectual disabilities and Autism Spectrum Disorders participate in the workforce. Creating the Canada Apprentice Loan: Helping apprentices registered in Red Seal trades complete their training by providing access to over $100 million in interest-free loans each year. Supporting Canada’s Entrepreneurs: Providing an additional $40 million to the Canada Accelerator and Incubator Program to help entrepreneurs across the country create new companies and realize the potential of their ideas. 9 Economic Action Plan 2014

10 Continued Supporting Apprenticeship Training: Introducing pilot projects to expand the use of innovative approaches to training apprentices. Supporting Youth Employment: Investing $40 million for up to 3,000 internships in high demand fields and $15 million for up to 1,000 internships in small and medium-sized businesses. Encouraging Women to Become Entrepreneurs: Providing $150,000 to increase mentorship among women entrepreneurs. Supporting Students and Interns: Renewing the Computers for Schools Program with a $36 million investment to continue to provide students and interns across the country with computers, helping them get the skills they need to succeed in today’s modern economy. Helping Older Workers Get Back to Work: Investing $75 million to renew and expand the Targeted Initiative for Older Workers so that older Canadians can continue to contribute to Canada’s economy. Strengthening Canada’s Labour Market: Launching an enhanced Job Matching Service and Modernized Job bank to ensure Canadians are given the first chance at available jobs. 10 Economic Action Plan 2014

11 Supporting Job Creation, Innovation and Trade Cutting Red Tape for Small Business: eliminating the requirement for 800,000 payroll remittance by 50,000 small and medium-sized businesses Making Landmark Investments in Research and Innovation: $1.5 billion over the next decade for post-secondary research through the Canada First Research Excellence Fund. $500 million to support a competitive auto sector through the Automotive Innovation Fund. $46 million in new funding to the granting councils to support research and scientific discoveries across Canada. 11 Economic Action Plan 2014

12 Supporting Families and Communities Strengthening Canada’s Food Safety System: Investing over $150 million to enhance the Canadian Food Inspection Agency’s food safety programs to ensure that Canada’s food supply is safe. Expanding health-related tax relief: Removing the GST / HST on more health care products and services to better reflect the health care needs of Canadians. Increasing the Adoption Tax Credit: Increasing the Adoption Expense Tax Credit to $15,000 to better recognize the costs associated with adopting a child. Supporting Seniors: Providing an additional $5 million to the New Horizons for Seniors Program so that more seniors can actively participate in their communities. Honouring our Veterans: Providing over $100 million to expand the Funeral and Burial Program to ensure that veterans of modest means have access to a dignified funeral and burial. 12 Economic Action Plan 2014

13 Continued Increasing Access to Veterans Services: Providing $2 million to enable veterans and their families access to engage the Department of Veterans Affairs 24 hours a day, 7 days a week. Protecting our Communities: Providing up to $200 million to establish a National Disaster Mitigation Program to better protect Canadians and their communities from natural disasters. Protecting Against Floods: Working with the insurance industry and provinces to develop a national approach to residential flood insurance in Canada. 13 Economic Action Plan 2014

14 Infrastructure investments in the GTA (2006-2013) Over $4.5 billion has been invested in Greater Toronto Area infrastructure projects by our government from February 2006 to June 2013. These investments can be broken down as follows: $2,299,674,604 ($2.3 billion) in direct GTA infrastructure projects: Arts & Culture $82,653,702 Green Energy $5,758,175 Local Roads $86,523,787 National Highway System $41,500,000 Public Transit $1,660,928,743 Recreation $86,189,964 Sport $35,559,425 Wastewater $154,388,076 Water $56,125,436 Other $90,047,296 14 Economic Action Plan 2014

15 GTA Transit TOP PUBLIC TRANSIT FEDERAL GTA PROJECTS: Toronto-York Spadina Subway Extension $622,000,000 GO Transit Package $250,000,000 Union Station Revitalization $133,000,000 Mississauga Bus Rapid Transit $83,000,000 Brampton AcceleRide Phase I $53,000,000 GO Transit East Rail Maintenance Facility(P3) $94,800,000 2. $2,196,144,520 ($2.2 billion) in Gas Tax Fund directly to:: City of Toronto $1,024,698,448 Peel Region $222,598,352 Mississauga $131,823,271 15 Economic Action Plan 2014

16 Moving Forward for Communities Renewal of the Build Canada Fund for an additional 10 years and $53 Billion that will directly impact Canadian infrastructure 16 Economic Action Plan 2014

17 Questions? 17 Economic Action Plan 2014


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