Bill C-2, which will cut taxes for nearly 9 million Canadians, and Bill C-29, which includes the indexation of the Canada Child Benefit, both received Royal Assent yesterday.
The middle class tax cut took effect as of January 2016. It supports the Government's effort to foster long-term economic growth, create jobs and help Canada's middle class prosper. Bill C-29 implements the indexation of the Canada Child Benefit. With the introduction of the much better-targeted Canada Child Benefit, about 300,000 fewer children will live in poverty in 2017 compared with 2014. Nine out of ten families will receive more in child benefits than under the previous system.