As your federal representative for Parkdale-High Park, I am pleased to report a number of key highlights from our government’s Fall Economic Statement:
Our government is introducing enhanced tax incentives to support small businesses in Canada. In response to the US’s Tax Cuts and Jobs Act of 2017, we will ensure that the average overall tax rate in Canada on new business investment – as measured by the Marginal Effective Tax Rate (METR) – will fall from 17% to 13.8%. This will give businesses in Canada the lowest overall tax rate on new business investment in the G7 – significantly lower than that of the United States.
We are working to address the gender wage gap in federally regulated sectors, and on October 29, we introduced legislation to do just that. We will establish: a Pay Equity Commissioner within the Canadian Human Rights Commission to ensure that pay equity requirements are enforced; requirements for employers to establish and regularly update a pay equity plan; requirements that unionized and larger non-unionized employers set up a pay equity committee to develop and update the plan; and, a monetary penalty system to ensure that pay equity plans are made, updated and followed.
We are creating a Social Finance Fund to give charitable, non-profit, and social purpose organizations access to new financing to implement their innovative ideas, and to connect them with non-government investors seeking to support projects that will drive positive social change. To help accelerate that change, our government proposes to make up to $755 million available on a cash basis over the next 10 years for a new Social Finance Fund and an additional $50 million over two years for social purpose organizations to improve their ability to successfully participate in the social finance market.
We are also establishing a permanent advisory committee on the charitable sector to ensure that the regulatory environment in which charities operate is appropriate and that it encourages their full participation in public policy dialogue and development.
We are supporting strong and independent journalism – a critical cornerstone of a well-functioning democracy. Our government is proposing three new initiatives: allowing non-profit news organizations to receive charitable donations and issue official donation receipts; introducing a refundable tax credit to support original news content, including local news; and introducing a new temporary non-refundable tax credit to support subscriptions to Canadian digital news media.
As part of our commitment to reconciliation and improving the quality of life and services for northern communities, we are committing to make nutritious food more affordable in isolated northern communities, to ensure northern families have access to affordable, healthy, and culturally appropriate foods.
We are supporting the creation of a Francophone digital platform that will increase online French content, give a higher profile to Canadian content, and enhance opportunities for Canadian artists and producers – a staunch contrast to the treatment of the Francophone community by the current Ontario Government.
These are only a few key highlights from our Fall Economic Statement – for more information, you can read the full statement here: https://www.budget.gc.ca/fes-eea/2018/docs/statement-enonce/toc-tdm-en.html