Mr. Speaker, I am very pleased to rise today to speak to budget implementation act No. 2, Bill C-63. The second budget implementation bill includes key measures of our government's second budget, which outlines the second phase of our government's plan to make smart investments that will create jobs, grow our economy, and provide more opportunities for every Canadian to succeed.
Thanks to these smart investments and an overall commitment to equity, our government is ensuring that Canada's best days are still ahead.
Before I get into the budget implementation bill, I want to talk about the measures the government has taken so far to give all Canadians, including those in the middle class and those working hard to join it, the opportunities they need to succeed.
To begin with, we asked the wealthiest 1% to pay a bit more in taxes in order to be able to give the middle class a tax cut. That tax cut for the middle class benefited nine million Canadians, which is something we can be proud of.
Then we brought in the new Canada child benefit, which has lifted hundreds of thousands of children out of poverty. As a result of our CCB, nine out of 10 Canadian families are getting more in benefits than they did under the previous system. Compared to the previous system of child benefits, the CCB is more generous and better targeted to those who need it the most.
In the fall economic statement released on October 24, the government announced that it would strengthen the Canada child benefit by indexing it to annual increases in the cost of living effective July 2018, which is two years earlier than planned.
What this means, in practical terms, is that for a single parent with two children and income of $35,000 the enhanced Canada child benefit will contribute an additional $560 in the 2019-20 benefit year towards the cost of raising his or her children. That means more money for books, winter coats, and skating lessons, for example. The added confidence that the Canada child benefit brings to families can have a positive impact on economic growth, as we have seen in the past.
Our government has also enhanced the Canada pension plan in order to provide Canadians with financial security when they retire from their hard work life. Enhancing the Canada pension plan ensures that Canadians will have more money in retirement so they are less worried about saving, can focus more on enjoying the good times with their families, and do not have to worry about financial issues.
Starting in 2019, we will be enhancing the working income tax benefit, or WITB, by an additional $500 million per year. This will put more money in the pockets of low-income workers, including families without children and the growing number of single Canadians. The enhancement will be in addition to the increase of about $250 million annually that will also come into effect in 2019 as part of the enhancement of the Canada pension plan.
These two actions alone will boost the total amount the government spends on the WITB by about 65% in 2019, increasing benefits to current recipients and expanding the number of Canadians receiving this support, which is essential for those who need it the most. This extra money could be used for things such as helping to cover the family grocery bill or buying warm clothes for winter. Above all, the improved benefit will help low-income working Canadians make ends meet.
The government is also showing that it is committed to helping small businesses invest, grow, and create jobs by lowering the small business tax rate to 10% effective January 1, 2018, and to 9% effective January 1, 2019. This will provide a small business with up to $7,500 per year in corporate tax savings to reinvest in and grow its business. These kinds of savings are crucial for businesses to grow and prosper.
Lastly, the government intends to make important changes to the tax system that will ensure Canada's low corporate tax rates serve to support businesses, not to provide unfair tax advantages to the wealthiest Canadians.
The steps taken to date are having a real positive impact on our economy and for Canadians. Optimism is on the rise, and with good reason. Job creation is strong, with over 450,000 new jobs created in the last two years—