Liberals to release fiscal update before Christmas, Morneau says

Finance Minister Bill Morneau also introduced motion to raise basic personal income tax exemption

Liberals to release fiscal update before Christmas, Morneau says

The Liberal government will provide an update on federal finances before MPs head home for the holidays.

“Our plan is to have a fiscal update before Christmas so we can update Canadians on the state of the economy,” Finance Minister Bill Morneau said after he took the first step to provide a tax cut the Liberals promised during the election campaign.

On Monday, Morneau introduced a motion to raise the basic personal income tax exemption to $15,000.

The amendments to the Income Tax Act, if passed, would apply to anyone earning under $147,000 a year.

READ MORE: Conservatives urge Morneau to deliver ‘urgent’ fall economic update

Morneau said the change will be implemented over the next four years and will save the average Canadian family $585 a year.

Morneau also said that about 20 million Canadians would see a tax reduction and that 1.1 million more Canadians would pay no federal tax at all.

“We were very clear in the campaign that we wanted to reduce taxes,” Morneau said.

Over the weekend, the Conservatives called on Morneau to provide a fiscal update immediately as economic concerns mount following a poor jobs report late last week.

Morneau did not have a specific date for when he would provide the update to Ottawa’s fiscal status.

The Canadian Press

READ MORE:

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Taylor Bachrach
Skeena-Bulkley Valley MP Taylor Bachrach.
Progress being made on infrastructure spending for Northwest: Bachrach

Skeena-Bulkley Valley MP says per capita funding is triple the provincial average

Public Land Fees have been waived. Originally $250 per season and $250 per parking stall made unusable; restaurants can now apply to pop-up patios free of charge. (Jacob Lubberts photo)
VIDEO: District of Kitimat waive patio fees for local businesses

These short-term measures will be determined on an individual basis

The Nechako Centre building was a retail space built in 1955. The building is now vacant and is listed for sale for $4.4Million. Sitting on 0.72 acres, the building is currently under a redevelopment/revitalization process. (Jacob Lubberts Photo)
Nechako Centre teardown in Kitimat for sale at $4.4 million

B.C. assessments valued the property at $843,000 with a land value of only $492,000

B.C. Finance Minister Selina Robinson outlines the province’s three-year budget in Victoria, April 20, 2021. (B.C. government video)
B.C. deficit to grow by $19 billion for COVID-19 recovery spending

Pandemic-year deficit $5 billion lower than forecast

Raising more than $1,300 for the KVHS’s dementia home project, Dennis and Brenda Horwood leave Kitimat with a bang and start their new retirement journey together. (Photo supplied)
KVHS thanks local Kitimat couple for their contributions to the dementia home project

Dennis and Brenda Horwood raise $1,360 during a retirement garage sale

Public Land Fees have been waived. Originally $250 per season and $250 per parking stall made unusable; restaurants can now apply to pop-up patios free of charge. (Jacob Lubberts photo)
VIDEO: District of Kitimat waive patio fees for local businesses

These short-term measures will be determined on an individual basis

Minister of Public Safety and Solicitor General Mike Farnworth speaks to media at the Legislature in Victoria, B.C., on Monday February 5, 2018. THE CANADIAN PRESS/Chad Hipolito
B.C. officials to announce travel restrictions today to limit COVID-19 spread

Mike Farnworth is expected to give details of what the government views as essential travel

Richard Desautel with supporters outside the courthouse in Nelson, B.C., in 2016. Photo: Bill Metcalfe
UPDATED: Sinixt, First Nation bordering Canada-U.S., can claim Indigenous rights, top court rules

The decision essentially reverses a 1956 declaration the Sinixt were extinct

MLA Shirley Bond, right, answers questions during a press conference at Legislature in Victoria, B.C., on February 19, 2019. THE CANADIAN PRESS/Chad Hipolito
Former B.C. gaming minister says she wasn’t told directly about dirty cash flowing to casinos

Shirley Bond said Thursday civil forfeiture, gang violence and gambling addiction were also major concerns in 2011

RCMP Constable Etsell speaks to tourists leaving the area at a police roadblock on Westside Road south of Fintry, B.C., Thursday, July 23, 2009. THE CANADIAN PRESS/ Yvonne Berg
B.C. police say they take ‘exception’ to conducting roadblocks limiting travel

Asking the police to enforce roadblocks exposes officers to further risk and possible COVID-19 infections, says federation president Brian Sauve

As part of the province’s strategy to combat the opioid overdose crisis, take-home naloxone kits have been distributed throughout the province. (Courtesy of Gaëlle Nicolussi)
Vancouver Island could be at its worst point of overdose crises yet: medical health officer

Island Health issued overdose advisories for Victoria, various communities in the last two weeks

BC Hydro released a survey Thursday, April 22. It found that many British Columbians are unintentionally contributing to climate change with their yard maintenance choices. (Pixabay)
Spend a lot of time doing yard work? It might be contributing to climate change

Recent BC Hydro survey finds 60% of homeowners still use gas-powered lawnmowers and yard equipment

Journal de Montreal is seen in Montreal, on Thursday, April 22, 2021. The daily newspaper uses a file picture of Prime Minister Justin Trudeau dressed in traditional Indian clothing during his trip to India to illustrate a story on the Indian variant of the coronavirus. Paul Chiasson/The Canadian Press
Montreal newspaper blasted for front-page photo of Trudeau in India

Trudeau is wearing traditional Indian clothes and holding his hands together in prayer beside a caption that reads, ‘The Indian variant has arrived’

Most Read