Gatineau, Quebec - The Government of Canada is making life more affordable for middle class Canadians. In 2019, as a result of the Government’s changes, middle class Canadians will see more money on their paycheques, compared with 2015, while changes to the Canada Pension Plan (CPP) means they will have more money for their retirement.
Taken together, changes to the Employment Insurance (EI), enhancements to the CPP and the middle class tax cut, mean that a single person earning $48,000 will save almost $60 in paycheque deductions 2019 compared with 2015. For a single person earning $75,000, this would represent a saving of almost $210.
In addition to these savings, starting in 2019, the Government of Canada will implement the Canada Pension Plan enhancement, increasing benefits and contributions to strengthen the retirement income security of today’s workers to help them maintain their standard of living when they leave the workforce, with increases of up to 50 percent for the youngest Canadians.
The government is also making investments that will continue to improve the lives of Canadians and families. For example, a typical middle class family of four will receive, on average, about $2,000 more each year, as a result of the middle class tax cut and the Canada Child Benefit.
Initiatives like these support the Government of Canada’s overall commitment to improve the well-being of all Canadians and strengthen the middle class and help people working hard to join it.
Source : Government of Canada