Mr. Speaker, I started two minutes to midnight last night by stating that when it came to Canada's economy and environment, our government was very clear. We believe the two go hand in hand.
Canadians understand that pollution is not free. They understand, as we do, that the most effective way to reduce greenhouse gas emissions is to put a price on carbon pollution.
I ended the evening by taking a look at the results of our plan so far.
Since the government was elected, more than 600,000 jobs have been created, most of them full-time. Canada's unemployment rate is at its lowest level in more than 40 years. Since 2016, Canada has led the G7 in economic growth. As well, the federal debt-to-GDP ratio, which is our debt relative to our economy, is not only on downward track, it is projected to be near its lowest level in nearly 40 years.
From these results, it is obvious that investing in our communities, in our people has been very good for our economy.
We have also taken steps to ensure a good business climate. We believe Canada is the best place in the world to invest and to do business, and we want to ensure it stays that way. We know low and competitive tax rates allow Canada's entrepreneurs to invest in their businesses and create even more good, well-paying jobs. That is why we cut the business tax rate to 10% this past January. It will fall even further next January, to 9%.
By this time next year, the combined federal-provincial-territorial average income tax rate for small business will be 12.2%, the lowest in the G7 and the third lowest among members of the OECD. This will mean up to $7,500 in federal corporate tax savings per year to help Canadian entrepreneurs and innovators do what they do best, create jobs. That is good news for Canadian business and great news for the hard-working people who help these businesses succeed every day.
Let me turn to supporting parents by strengthening the Canada child benefit. Since 2016, the government has also been providing additional support to Canadian families through the CCB. Compared to the old system of child benefits, the CCB gives low and middle-income parents more money each month, tax free, to help with the high cost of raising kids. The CCB is simpler, more generous, and better targeted to give more help to people who need it most.
Since its introduction in 2016, the CCB has helped lift hundreds of thousands of Canadian children out of poverty. Thanks to the CCB, nine out of 10 Canadian families have extra help each month to pay for things like summer camps, new bikes, and back-to-school clothes. Families who receive the CCB will get, on average, about $6,800 this year. That is money they are spending in their communities, supporting local businesses, helping to create more good, well-paying jobs for Canadians.
These investments and others our government is making in infrastructure, science and innovation, and skills and training are all designed to achieve one goal, which is to ensure the benefits of a growing economy are felt by more and more people, with good, well-paying jobs for the middle class and people working hard to join it.
We want Canadians to feel confident about the future and better prepared for what lies ahead. Part of achieving this entails making investments and taking action to protect Canada's air, water, and natural areas for our children and grandchildren, while creating a world-leading clean economy.
None of us need to be told that climate change is one of the most pressing challenges of our time. That is why the government worked with provincial, territorial, and indigenous partners to adopt the pan-Canadian framework on clean growth and climate change in December 2016. The plan provides provinces and territories with the flexibility to choose between systems: an explicit price-based system or a cap and trade system, which is prevalent in a number of our larger provinces.
A price on carbon pollution is already in place in four provinces: Ontario, Quebec, British Columbia, and Alberta, covering over 80% of the Canadian population. By the way, these provinces are also leading Canada in job creation and growth. All other provinces have committed to adopting some form of carbon pollution pricing.
The direct revenue from the carbon charges on pollution under the federal system would go back to the province or territory of origin. We have emphasized that many times in this place. This is the best way to support strong economic growth and secure a clean environment today and for many generations to come. That is what Canadians sent us here to do, and we are very proud to do it.