The Finance Minister, Bill Morneau, welcomed Royal Assent of the Budget Implementation Act, 2018, No. 1, which implements a number of important measures announced in Budget 2018. The Budget Implementation Act, 2018, No. 1 received Royal Assent on June 21, 2018. Some of the key measures are given below:
- The Budget Implementation Act reduces the small business tax rate from 10.5 per cent to 10 per cent, effective January 1, 2018, and to 9 per cent, effective January 1, 2019.
- The Act introduces the new Canada Workers Benefit (CWB). This will be effective from 2019. The new CWB will allow low-income workers to take home more money while they work and inspiring more people to join in the workforce.
- It strengthens the Canada Child Benefit (CCB) by indexing the benefits annually to keep pace with the rising cost of living starting from this July.
- Amendments to the Employment Insurance Act to make the current Employment Insurance (EI) Working While on Claim pilot rules permanent, and extend them to EI maternity and sickness benefits.
- Implementation of a coordinated federal-provincial-territorial taxation framework for cannabis products.
- The creation of a federal carbon pollution pricing system through the Greenhouse Gas Pollution Pricing Act.
