2017 Fall Economic Statement: Delivering More Canada Child Benefit support, Small Business Tax Cut, and Growing Economy
Surrey: The 2017 Fall Economic Statement shows Canada has the fastest growing economy in the G-7, and has created over 450,000 jobs since October 2015. With this record growth, the federal government is returning the benefits of this success to middle class families by strengthening the Canada Child Benefit, enhancing the Working Income Tax Benefit, and cutting the small business tax rate.
Sukh Dhaliwal, Member of Parliament for Surrey-Newton, said this update “shows that the government’s plan is working, because parents have more families to invest in their growing kids, and entrepreneurs are investing in their growing businesses.”
People and businesses in Surrey will benefit from new measures announced in the Fall Economic Statement including:
- Strengthening the Canada Child Benefit (CCB) by making annual cost of living increases starting in July 2018—two years ahead of schedule. For a single parent of two children making $35,000, a strengthened CCB will contribute $560 more in the 2019–20 benefit year towards the cost of raising his or her children.
- The enhanced Working Income Tax Benefit will allow low-income workers—including families without children and the growing number of single Canadians—to keep more hard-earned money from every paycheque.
- Helping small businesses invest, grow and create jobs by lowering the small business tax rate to 10 per cent, effective January 1, 2018, and to 9 per cent, effective January 1, 2019. This will provide a small business with up to $7,500 in federal corporate tax savings per year to reinvest in and grow their business.
- Make important changes to the tax system that will ensure Canada’s low corporate tax rates go towards supporting businesses, not to providing unfair tax advantages to the top 1 per cent wealthiest Canadians.
Sukh Dhaliwal added that “since October 2015, Canada has created over 450,000 jobs, and led the G-7 in economic growth, and because of this our government has been able to cut taxes and increase supports for middle-class families”. “This is the progress we have delivered in the last two years, and this is what we will continue to deliver going forward”.