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Highlights of the Fall Economic Statement by the Finance Ministerin Canadian Government News and Updates
1. Strengthen the Canada Child Benefit. Starting July 2018, the government will be making annual cost of living increases to the CCB which is 2 years ahead of schedule. A single mother of two children making $35,000 will receive $560 in the 2019-20 benefit year towards the cost of raising her children.
2. Enhance the Working Income Tax Benefit. There will be an additional $500 million per year to enhance the WITB.
3. Lower Small business tax rate to 10% starting 2018 and to 9% in 2019.
4. Make changes to the tax system to ensure Canada’s low corporate tax rate go towards supporting businesses.