Blog: October 24, 2017 Fall Economic StatementOctober 27th, 2017
On October 24th, 2017, the Minister of Finance presented his Fall Economic Statement including draft legislation to implement the following changes:
- Starting July 2018, due to the implementation of indexation two years earlier than originally proposed, tax-free Canada Child Benefit (“CCB”) amounts for families with two children will go up by approximately $200. The year after, families will receive an additional $500.
|Effects of Indexation Beginning in the 2018-19 Benefit Year|
|CCB amounts and phase-out thresholds ($)||Current Benefit Year||2018-19||2019-20 (projected)|
|Maximum amount per child under 6||6,400||6,496||6,626|
|Maximum amount per child aged 6 through 17||5,400||5,481||5,591|
|First income threshold||30,000||30,450||31,059|
|Second income threshold||65,000||65,975||67,295|
Indexation: 1.5% for 2018 and 2.0% (projected) for 2019
- As previously announced, the small business tax rate will be reduced from 10.5 per cent to 9 per cent by January 1, 2019. The dividend gross-up and dividend tax credit rates are amended accordingly.
Please contact your Crowe BGK advisor should you require any additional information.
Authors: Sam Lackman, CPA, CA, and Jennifer Warner, LL.B., LL.M Tax
Subscribe to the Crowe BGK Newsletter(s):
Our Clients Speak
"...Through their quality professional services, Crowe BGK helped us grow our company from 30 to 200 employees during that same period, while maintaining cordial relationships with all stakeholders."Daniel Laporte President, Laporte Consultants Inc.