The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption. The Finance Minister expects similar growth in the near-term. In addition, federal revenues increased by more than 11 per cent in 2017, largely from personal and corporate income taxes.
With this positive economic activity and outlook, the government has presented an “Equality and Growth,” budget that includes tens of billions of dollars in new or increased spending over the next six years, with the goal of further growing government revenues by increasing economic participation among women, visible minority Canadians and persons with disabilities, as well as substantial long-term investments in science and technology.
The government suggests that increasing equality for women and enhancing women’s participation in the workplace (especially in technology and trades) could add $150 billion to the Canadian economy over the next decade.
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Kelly Ross is the founder and managing director of TPS Tax and Accounting and has 15 years experience in accounting and taxation. Kelly's experience includes working in multi-national CPA firms within various industries in Canada. Kelly has an Honours Bachelor of Commerce and is a member of CPA Canada. Kelly is considered an expert in her field and is a subject matter expert for Sheridan College and facilitates with both Sheridan and CPA Ontario.