“On Tuesday, Finance Minister Bill Morneau tabled the 2017 Fall Economic Statement. The report has revealed that Canada is the fastest growing economy in the G7. The Government’s plan is working, and unemployment is dropping across the country, and here in the Yukon where it now sits at 3.3%.
We are far exceeding the anticipated rate of growth and Minister Morneau has announced two important new initiatives that Yukoners will benefit from.
The Government will be further strengthening the Canada Child Benefit, to ensure it keeps pace with the rising cost of living. This will be accomplished by making annual cost of living increases to the Canada Child Benefit starting in July 2018—a full two years ahead of the previously announced schedule.
To put that in context, a single parent of two children making $35,000 will receive $560 more next year, tax free, for books, skating lessons, winter clothes, etc. The new Canada Child Benefit has provided more money to 9 out of 10 families over the last year and is focused on those who need it most.
The Government is also enhancing the Working Income Tax Benefit (WITB), the refundable tax credit for eligible people already in the workforce, by an additional $500 million per year starting in 2019. This enhancement 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.
I am very pleased with the progress we have made over the first two years to help Yukoners and Canadians from Coast to Coast to Coast.”
Office of Larry Bagnell, MP Yukon