Notice of Ways and Means Motion to Amend the Income Tax Act and Economic Statement, October 24, 2017, and Notice of Ways and Means Motion to Implement Certain Budget Measures, October 25, 2017
The Department of Finance released their Fall Economic Statement 2017 on October 24, 2017 with a corresponding Notice of Ways and Means Motion to Amend the Income Tax Act. The focus was on strengthening the middle class, through improvements in the Canada Child Benefit, the small business deduction, and the working income tax benefit.
On October 25, 2017, the Department of Finance released a Notice of Ways and Means Motion to Implement Certain Budget Measures. The NWMM introduces legislation that was previously proposed to amend the Income Tax Act throughout 2016 and 2017, including proposals from September 8, 2017 (remaining Budget measures that were not in Bill C-44), May 5, 2017 (measures to ensure that qualifying farmers and fishers selling to agricultural and fisheries cooperatives are eligible for the small business deduction in respect of income from those sales), October 3, 2016 (principal residence changes), and September 16, 2016.
The October 25 Notice of Ways and Means Motion also included proposals affecting the Excise Tax Act and the Excise Act, 2001, which largely reflected the July 22, 2016 and September 8, 2017 draft legislation.