Budget Implementation Act, 2017, No. 1

Here is a concise and neutral summary of the provided Act (An Act to amend the Income Tax Act, among other things):

Income Tax Act Amendment

This Act makes various amendments to the Income Tax Act. Key changes include:

• Adjustments to tax rates and brackets
• Introduction of new tax credits and deductions
• Changes to rules for individual taxpayers and corporations
• Amendments related to income splitting and spousal contributions

Other Provisions

The Act also contains provisions unrelated to taxation, including:

• Borrowing authority for the federal government
• Amendments to the Canada Deposit Insurance Corporation Act
• Consequential amendments to other Acts
• Changes to the Shared Services Canada Act
• Financial assistance for students
• Transitional provisions related to parliamentary budget officer and board of internal economy

Coming into Force

The Act's provisions come into force on various dates, including August 1, 2018, January 1, 2018, and May 10, 2019.