Mr. Speaker, it is my great pleasure to speak to Bill C-63 today. The budget implementation act, 2017, no. 2 includes key measures from the government's second budget, which outlines the second phase of the 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, the 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, and we are very proud of that.
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 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 as of 2018, which is two years earlier than planned. What does that mean in practical terms? For a single parent with two children and an 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. The added confidence that the Canada child benefit brings to families can have a positive impact on economic growth.
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 and can focus more on enjoying the good times with their families.
Starting in 2019, we will be enhancing the working income tax benefit 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 essential support.
This extra money could pay the family grocery bill or buy warm winter clothes. The improved benefit will help low-income 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 wealthy and the richest 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. The unemployment rate is at its lowest level since 2008. Youth unemployment is at a historic low.
Canada has the fastest growing economy in the G7 by a wide margin, growing at an average rate of 3.7% over the last year, which is the fastest pace of growth since early 2006. Growth is forecast to be 3.1% in 2017, significantly above the expectation at the beginning of the year.
The fiscal outlook has improved by more than $6.5 billion annually on average from what was projected in budget 2017 last March.
The tax measures that we have taken for the benefit of families and children are having a real impact every day in my riding, Montarville. Approximately 97% of the people of Montarville clearly define themselves as being part of the middle class. These positive impacts are reported back to us regularly. They are felt in a very real and tangible way in peoples' wallets. This kind of investment is crucial, perhaps even a game-changer, in giving people assurances of a better life that is easier to manage because their budget is easier to manage.
For example, the city of Saint-Bruno, where I live, has been named the best place in Canada to raise children.
This kind of tax break is key to giving families the help they all need, just as families are having more and more children. A young family with three very young kids lives right across from me. That family is benefiting directly from this kind of help. This help is making a real, tangible, and practical difference at the end of every month.
Another measure I find quite interesting among the budget measures is the government's decision to legalize and regulate cannabis, as well as the economic spinoffs that can be generated by such a measure.
Our government plans to legalize and strictly regulate cannabis. This policy is necessary and desirable and has two objectives: to keep marijuana out of the hands of youth, and to deprive criminals of any profits from illegal cannabis sales.
In advance of the government's plan to legalize cannabis, budget 2017 allocated several million dollars to public education programming and surveillance activities. On that note, I would like to inform the House that during the consultations I participated in, and even had the chance to lead in Quebec, one important concern was raised with regard to training, information, and above all prevention. Now that the system is regulated, the government can use the sales tax revenues it generates to take concrete action in certain areas, including prevention programs.
Taxation is one of the key factors that will play a major role in ensuring the objectives of legalization are met. As the Prime Minister and the Minister of Finance have clearly stated, in order for legalization to be effective, taxes must be low from the beginning, and the federal, provincial, and territorial governments must continue to work together to guarantee a coordinated approach. Co-operation is critical, and the federal government wants to engage our provincial and territorial partners in order to develop a coordinated approach to cannabis taxation.
I would like to remind all members that taxation is not the main objective of legalization. On the contrary, this is an essential health issue, given that the status quo has failed so spectacularly. That being said, by taking responsibility and legalizing cannabis, we will generate indirect tax revenue that will benefit Canadian society as a whole.