Real Change that’s working for Brampton north
Brampton, Oct 30 (IBNS): The 2017 Fall Economic statement will deliver more Canada Child Benefit Support, cut the federal small business tax rate, enhance the Working Income Tax Benefit, and other measures to help the middle class and those working hard to join it.
Ruby Sahota, Member of Parliament for Brampton North, attended the event in the House of Commons on October 24, 2017.
The Fall Economic Statement also highlighted the Canadian economy`s stronger than anticipated performance this year, a result of the government`s plan they have been pursuing since 2015 to invest in the middle class and those working hard to join it.
MP Sahota said people and businesses in Brampton North 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 that means more money, tax-free, for books, skating lessons or warm clothes for winter.
The added confidence the CCB brings to families has been shown to have an immediate impact on economic growth.
Enhancing the Working Income Tax Benefit (WITB), which is a refundable tax credit that cuts taxes for eligible people already in the workforce and encourages others to get a job, by an additional $500 million per year starting in 2019.
Our enhancement will allow-income workers—including families without children and the growing number of single Canadians—to keep more hard-earned money from every paycheque by further enhancing the Working Income Tax Benefit.
This enhancement is in addition to the $250 million annual increase that will come into effect as part of the enhancement of the Canada Pension Plan.
Taken together, these two enhancements will boost the total amount the Government spends on the WITB by about 65 per cent in 2019, increasing benefits and expanding the number of Canadians who qualify. 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.
“People and businesses in Brampton North will benefit from the new measures we are taking. The Canada Child Benefit will let parents invest in their families, and the small
business tax cut will help entrepreneurs invest in their businesses.” said Sahota.
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