“While there is still much more to be done, particularly in rural Canada and in Northern Ontario, this economic update demonstrates that we are on the right path.” – Nault
(KENORA) October 25, 2017 – The Honourable Bob Nault, Member of Parliament (Kenora riding), issued the following statement regarding the improving economic outlook highlighted in the 2017 Fall Economic Statement:
“The economic statement clearly shows that prudent long-term financial planning works. We should all be proud that Canada is the fastest growing economy among the G7 countries; this is no small feat.
“Canada’s economy is growing at a rate of more than 50 per cent when compared to the United States or Germany. The unemployment rate has dropped to 6.2 per cent, which is the lowest since 2008. In addition, over 450,000 jobs have been created in the last two years, and youth unemployment is the lowest on record.
“While there is still much more to be done, particularly in rural Canada and Northern Ontario, this 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.
“For Northerners, we have good news to share. This past August, the Government announced an investment of up to $60.2 million for Wataynikaneyap Power to construct a 117-kilometre power line from Red Lake to Pikangikum First Nation. The project will provide clean energy and boost economic development opportunities in Northwestern Ontario.
“I am also pleased to see that since November 2015, 26 long-term drinking advisories have been lifted, and over $11 billion in new investments have been made. We are continuing to fill our commitment as we work towards a new fiscal relationship with Indigenous peoples.
“Seniors are also 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.
“For students, more good news: up to $1,000 more per year is available for low- and middle-income post-secondary students through Canada Student Grants. Better yet, even more students are now eligible for grants this school year.
“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.”
The government will:
- Strengthen 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, this change will provide an additional $560 annually.
- Lower the small business tax rate from 11 per cent in 2015 to 9 per cent in 2019
- Change the tax system to ensure Canada’s low corporate tax rates go towards supporting businesses, not to providing unfair tax advantages to the top one per cent wealthiest Canadians.
- Put more money in the pockets of low-income workers—including families without children and the growing number of single Canadians—by further enhancing the Working Income Tax Benefit (WITB) by an additional $500 million per year, starting in 2019.
- This enhancement will be in addition to the increase of about $250 million annually as part of the enhancement of the Canada Pension Plan. These two actions will boost the total amount the Government spends on the WITB by about 65 per cent in 2019.
To arrange an interview with the Hon. Bob Nault, please contact: