Madam Speaker, we will be going from the current rate of 10.5% to 10% as of January 1, which is in 31 or so days, then to 9% as of January 1, 2019. For the average small business person, this will mean an additional $1,600 per year. For entrepreneurs and innovators, men and women, people who work hard, who risk money, who risk their future on their dreams, ideas, and ambitions, it will leave that money where it belongs, in their pocket. Up to the maximum of $500,000, there is a potential of $7,500 in tax savings that can be used toward new equipment, hiring new staff, and taking the kinds of decisions that will grow their small businesses.
The government is very pleased to have come forward and met this very important platform commitment.
That is not all. We have worked very hard to ensure that the middle class get a better deal. I know the decision to climb what is often called the “welfare wall”, to make that decision between leaving social assistance and entering the workforce, is sometimes a hard one. I was working with former Prime Minister Martin when he and the current member for Regina—Wascana brought in the working income tax benefit. It is a very efficient measure that helps those Canadians who are looking to climb that welfare wall and getting into the workplace. That WITB, the working income tax benefit, will be increased by $500 million a year, starting in 2019.
I would be happy to discuss more, but these are the measures this government is taking to ensure entrepreneurs, workers, and people who are in the middle class and those who are working hard to improve their lot continue to benefit from the policies of this government.