Week of October 30, 2017
When Canadians succeed, together we build a better future. The 2017 Fall Economic Statement was released last week and it detailed the progress demonstrating that Canada’s economy is not only growing, but outperforming expectations. In fact, Canada has the fastest growing economy of all G7 countries.
While there is still much more to be done, particularly in rural Canada and in Northern Ontario, the economic update demonstrates that we are on the right path as long as we stay focused on the importance of providing economic opportunities for all Canadians, no matter where they live.
In the North, that means continued infrastructure investments remaining a top priority. Improved Internet and cell phone services are required for businesses to be able to compete in the marketplace. It’s all about connection. Connecting the North will improve business practices, improve education, and improve quality of life.
We also need safe and reliable transportation infrastructure that meets today’s standards. This is non-negotiable whether it is our highways, municipal roads, or the airports that connect us.
The economic statement highlighted ways in which the federal government has helped to stimulate the economy. Over nine million Canadians have received tax cuts. Youth unemployment is the lowest on record, and in just two years, more than 450,000 jobs have been created.
One of the best ways to stimulate the economy is by supporting small businesses. I have had many conversations with constituents about the government’s tax fairness proposals and have listened to small business owners and professionals. I’m happy to say the government is investing directly in small businesses by proposing to lower the small business tax rate from 11 per cent in 2015 to 9 per cent in 2019. A simplified proposal to limit income sprinkling will support owners who invest in their growth, create jobs and strengthen entrepreneurship.
We also continue to strengthen the Canada Child Benefit. Starting next July, two years ahead of schedule, tax-free CCB amounts for families with two children will go up by approximately $200. The year after that, families should expect $500 more.
Seniors are more financially secure today as a result of increases to the maximum Guaranteed Income Supplement top-up benefit. These increases will more than double the top-up benefits for our most vulnerable seniors.
The Working Income Tax Benefit is being enhanced by an additional $500 million per year starting in 2019. This will put more money in the pockets of lower income workers, such as families without children and the ever-growing single population.
Taking care of those most vulnerable, supporting small business, investing in our youth, and keeping our promise to improve the lives of Indigenous peoples is something that all Canadians can be proud of. We have made great strides, and I am confident that we will continue to do so.
For further information, please contact the offices below: