Today, Finance Minister Bill Morneau was in Timmins, Ontario, where he met with local business leaders during a roundtable event with the Timmins Employer Council, listened to local concerns and talked about what the Government has done since 2015 to support business growth. This includes cutting the small business tax rate from 10.5 per cent to 9 per cent, giving Canada the lowest small business tax rate in the G7. For small businesses, this will mean up to $7,500 in tax savings each year, compared to 2017.

“Our government is committed to helping hard-working Canadians succeed and feel more confident about the future. We’ve made a lot of progress—with more than a million new, mostly full-time jobs, and an economy that is strong and growing. At the same time, we know there’s a lot more work to be done. By listening to employers and small business owners in Northern Ontario and across the country, we’re building the next steps in our plan to keep our economy growing.”

- Bill Morneau, Minister of Finance

• Canadian families now have the lowest effective tax rate among G7 countries, with a typical family of four now keeping 85 per cent of their income.

• Canada is expected to be the second-fastest-growing G7 economy in 2019 and to tie for fastest in 2020.

• More than a million jobs have been created since November 2015—the majority of them full-time positions.

• Canada has achieved its targeted 20 per cent reduction of poverty three years ahead of schedule, lifting more than 825,000 Canadians out of poverty compared to 2015 and causing the poverty rate to reach its lowest level on record.

• The First-Time Home Buyer Incentive will make home ownership more affordable for as many as 100,000 Canadians. For example, a family that buys a $380,000 home will be able to reduce their monthly mortgage payments by $228 a month thanks to this new measure.

• The Government cut the small business tax rate to 10 per cent, effective January 2018, and as of January 1, 2019, further reduced it to 9 per cent.

Related products

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• Budget Speech
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Media may contact:

Pierre-Olivier Herbert 
Director of Media Relations
Office of the Minister of Finance
pierre-olivier.herbert@canada.ca 
613-369-5696

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

General Enquiries

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