April 12, 2022 Milton, Ontario Employment and Social Development Canada
Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada makes targeted and responsible investments to create good jobs, grow our economy, and build a Canada where nobody gets left behind.
Today, Minister of Families, Children and Social Development Karina Gould, met with business owners to discuss how cutting taxes for small businesses will help them grow, hire more workers and make life more affordable.
Canada’s economy has recovered 112 percent of the jobs lost at the outset of the pandemic. Canada entered the pandemic with the lowest net debt-to-GDP ratio of all G7 countries—an advantage that has since increased relative to other countries. Canada has seen the best jobs recovery in the G7, and as of March 2022, has recovered 115 per cent of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3 per cent—the lowest rate on record since 1976.
Despite our unemployment rate hitting near-record lows, some businesses are still struggling to find workers. A strong and prosperous economy requires a diverse, talented, and constantly growing workforce.
Budget 2022 is putting in place important measures that will meet the needs of our workers, our businesses, and the Canadian economy so that it can keep growing stronger for years to come. These measures include steps to build more resilient supply chains, and to cut taxes for Canada’s growing small businesses. They will also create new, good-paying jobs for Canadians; help more people join the middle class; and set Canada up to be an economic leader for decades to come.
With Budget 2022, Canada will maintain this leading position, and maintain its fiscally responsible approach to economic growth and to building an economy that works for everyone. Crucially, it upholds the government’s fiscal anchor—a declining debt-to-GDP ratio and the unwinding of COVID-19-related deficits, which will ensure that Canada’s finances, remain sustainable in the long-term.