Mr. Speaker, I will pick up where I left off before question period.
That is also why, as the first act in its new mandate, our government tabled a proposal to once again lower taxes for the middle class. All Canadians must be able to reap the benefits of our economic growth.
This new tax cut targets the basic personal amount, as the government indicated this past December when it tabled a notice of ways and means motion. The basic personal amount is a technical term that is not always easy to understand but essentially describes something very simple: It is the amount of money that a person can earn before paying federal income tax.
At this time of year, many Canadians are preparing to fill out their income tax return for 2019. When they do it, they will see that the basic personal amount for 2019 was $12,069. The plan we are proposing will raise that amount to $15,000 in 2023.
Let me be clear. Canadians will see a difference beginning this year, in 2020, since this increase is spread over four years. Once these tax cuts are fully implemented in 2023, single people could save nearly $300 in taxes every year, and families could save double that, or nearly $600.
That is not all. Nearly 1.1 million more Canadians will no longer pay federal income tax in 2023, including seniors living on a fixed income and low-income workers, for example.
Our proposal increases two other related amounts at the same time: the spouse or common law credit and the credit for an eligible dependant. Conversely, Canadians in the highest tax bracket will not get this tax cut. Nonetheless, this cut will put more money in the pockets of nearly 20 million Canadians.
The Canada child benefit reduces the financial pressure on families and has lifted approximately 300,000 children out of poverty. As I said yesterday in my statement in the House, more than 9,000 payments were made in Hochelaga and more than 15,000 children benefited from these payments, which averaged $640. In total, $5,769,000 in tax-free payments were made in Hochelaga, and they have certainly helped families, including single-parent families. When I was a young mother, I would have loved to have access to that kind of funding.
As the Minister of Social Development said, Canada's poverty rate has fallen to a historic low. According to Statistics Canada, it was one of the sharpest declines on record: Canada's official poverty rate dropped from 12.1% in 2015 to 8.7% in 2018. The Minister of Social Development said that it was the largest three-year reduction in poverty in Canadian history and that poverty is at its lowest point on record in Canada.
It is thanks to programs such as the Canada child benefit, as well as increases to the guaranteed income supplement, that Canadians have more money in their pockets.
I would like to use my remaining time to tell members about what the government has done to help Canadians, including the most vulnerable Canadians.
As I said, we created the Canada child benefit, which has lifted 300,000 children out of poverty.
The enhanced guaranteed income supplement means that some 900,000 seniors now enjoy greater income security. That lifted 57,000 seniors out of poverty.
Canada's national housing strategy, an investment of $40 million over 10 years, will enable more Canadians to find safe, affordable housing. The strategy will meet the needs of over half a million households over the next decade.
The Canada workers benefit puts more money in the pockets of low-income workers.
Thanks to the middle-class tax cut and the higher basic personal amount, a typical family of four will have over $2,300 more this year than in 2015. Once the changes have been fully implemented, that typical family could have $2,800 more than in 2015.
The government invested in Canadians, and that is what matters to them. As a result, our economy is more vigorous and our people get better support.
What we need to do now is make sure that even more people benefit. That is exactly what the new middle-class tax cut announced in December will do.