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Canada is the fastest-growing economy in the G7

Canada's Finance Department released its Fall Economic Statement 2017 on Tuesday - just one day before the Bank of Canada's interest announcement.

In the report, Canada was identified as the fastest-growing economy in the G7.

Canada's economic progress has taken place over the past several years, growing at an average rate of 3.7% in the last year.

Canada's Minister of Finance, Bill Morneau stressed that the economic focus is on strengthening the middle class.

The statement's numbers revealed how the Department of Finance is more than meeting its projected deficits each fiscal year.

Initially, $28.5 billion was the projected deficit for the fiscal year 2017-18. However, the actual deficit was $19.9 billion.

By the 2022-23 fiscal year, the deficit is expected to drop to $12.5 billion.

"Our plan to invest in our people and in our communities is working. Canada's economy is growing faster than it has in a decade, allowing us to do even more to help the middle class and those working hard to join it," stated Morneau.

In the last two years, more than 450,000 new jobs were created and the unemployment rate has been at its lowest since 2008.

As this year comes to a close, growth is forecasted to be 3.1% in 2017.

"With lower taxes on small business, more support for parents, and more money in the pockets of low-income workers, we are working to grow the economy in a way that benefits all Canadians. And that is exactly what Canadians sent us here to do."

Within the Fall Economic Statement, the Department of Finance laid out four key objectives:

  • Strengthen the Canada Child Benefit (CCB) by making yearly cost of living increases as of July 2018. For example, a single parent raising two children on a $35,000, will receive $560 in the 2019-20 benefit year.
  • Put more money towards low-income workers.The Working Income Tax Benefit (WITB) will see an additional $500 million each year, as of 2019.
  • Reduce taxes for small businesses by lowering the small business tax rate to 10% as of January 1st, 2018, and 9% as of January 1st, 2019. This is expected to save small businesses up to $7,500 in yearly federal corporate tax.
  • Make changes to the tax system. The aim is to ensure Canada's low corporate tax rates go towards supporting businesses and not helping the top 1% of wealthiest Canadians.

For the complete report, go here.

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