Finance Minister Announces Fall Economic Statement for October 24
October 19, 2017 – Ottawa, Ontario – Department of Finance Canada
When you have an economy that works for the middle class, you have a country that works for everyone. The Government of Canada's plan to invest in people, in communities and in the economy is working. As it takes the next steps in its plan, the Government will build on successes achieved over the last two years—from the more than 400,000 jobs that have been created, to lower taxes for the middle class and for small business, to a renewed relationship with Indigenous Peoples.
Finance Minister Bill Morneau today announced that the Fall Economic Statement will be tabled on October 24, 2017.
The Statement will build on a plan that is working, and take important next steps to ensure the middle class and those working hard to join it share in the success we achieve as a country. The Statement will also affirm the Government's plan to reduce the small business tax rate to 9 per cent, while ensuring that this preferential rate is used to support growth and job creation, and not to provide tax advantages for the wealthy few.
On October 5, 2017, Minister Morneau met with private sector economists to gather their views on the Canadian and global economies, which will be reflected in the Fall Economic Statement. Canada has the fastest growing economy among G7 nations, with second-quarter real gross domestic product (GDP) growth hitting 4.5 per cent. For the fiscal year that ended March 31, 2017, the budget deficit is $11.6 billion less than originally projected in Budget 2016.
Following consultations and open dialogue with stakeholders across the country, and with the needs of families as its highest priority, the Government is building an economy that works for the middle class and those working hard to join it.
- Canada's underlying economic and fiscal fundamentals remain sound: over the last four quarters, real GDP has grown at an average rate of 3.7 per cent—the strongest four-quarter period of expansion since 2006. The labour market has also been strong, with over 400,000 new jobs created in the last two years.
- The Government of Canada has taken significant steps towards helping families regain the confidence needed to help drive the economy forward. This includes cutting taxes for 9 million Canadians, introducing a new Canada Child Benefit, and strengthening the Canada Pension Plan so that future generations of workers can retire with dignity.
- The Government is committed to sound fiscal management as it continues to make investments to support long-term economic growth and a strong middle class, while preserving Canada's low-debt advantage for current and future generations.
"Our plan to grow and strengthen the middle class is working, but there is more to do. As our economy grows we will make sure the benefits of that growth are felt by the middle class. And we will continue to listen to Canadians as we move forward to level the playing field and invest in Canada's future, while supporting the middle class and those working hard to join it."
- Bill Morneau, Minister of Finance
- Targeted Tax Fairness Measures Will Protect Small Business Owners Including Farmers and Fishers
- Targeted Tax Fairness Measures Will Protect Middle Class Small Business Owners
- Government Thanks Canadians for Helping Get Tax Fairness Right
- Government Moves to Reduce Small Business Tax Rate and Support Fairness for the Middle Class
Media may contact:
Office of the Minister of Finance
Department of Finance Canada