Finance Minister Bill Morneau responds during question period in the House of Commons on Parliament Hill in Ottawa on Thursday, Oct. 25, 2018. THE CANADIAN PRESS/Adrian Wyld

Federal Liberal government to release fall economic update Nov. 21

Finance Minister Bill Morneau told the House of Commons that the economy is still on a roll and the unemployment rate is hovering near four-decade lows.

The Trudeau government will release its fall economic update on Nov. 21 as part of a plan that Ottawa insists will help keep Canada competitive.

Finance Minister Bill Morneau, who made the announcement on Thursday, told the House of Commons that the economy is still on a roll and the unemployment rate is hovering near four-decade lows.

There are concerns, however, that Canada has lost some of the advantages it once boasted as an investment destination.

Corporate Canada and, more recently, a Senate committee have been pressing Morneau to slash business taxes to keep the country from falling behind after major tax and regulatory reforms in the United States.

In the U.S., the government has been forced to borrow more cash — and run deeper deficits — in order to cover President Donald Trump’s tax cuts.

Sources with knowledge of Ottawa’s competitiveness plan have said Morneau is looking at targeted measures rather than broad-based corporate tax cuts.

The fall update will also contain fresh projections on economic indicators and on the path of the federal books, which posted a $19-billion deficit last year.

In this year’s federal budget, Morneau projected a shortfall of $18.1 billion for 2018-19, with annual deficits set to shrink each year to $12.3 billion in 2022-23. The projections include annual $3-billion cushions to offset risks.

“I’m pleased to say that on Nov. 21 we’ll introduce our fall economic statement so we can update Canadians on further actions we’ll take to keep our economy growing, to keep people investing in our country and creating jobs,” Morneau said Thursday.

Related: ‘Some baloney’ in assertion Canada’s pension fund has highest ethical standards

Related: Cities make power play for new fiscal order with eye to 2019 federal election

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Who was Chris Bloomfield, the Mill Bay man shot by police?

A troubled man with a voracious appetite for illicit drugs and a non-conventional lifestyle

B.C. Legions in need of young members to continue aiding veterans into the future

Lest we forget what thousands of men and women did to fight for Canada’s freedoms – but without new membership, many Legion chapters face dwindling numbers

Vancouver Island brewery re-brands again after cryptic new logo failed

Victoria-based brewers said goodbye to confusing hexagon logo

Country music will be flowing with the beer at Riot Brewing Co.

It’s the perfect mix for an entertaining evening Friday

VIDEO: Marvel Comics’ Stan Lee dies

Marvel co-creator was well-known for making cameo appearances in superhero movies

Vancouver Island remembers

Important stories shared as Islanders salute those who made the greatest sacrifice

Who was Chris Bloomfield, the Mill Bay man shot by police?

A troubled man with a voracious appetite for illicit drugs and a non-conventional lifestyle

Calgarians head to the polls to declare ‘yea’ or ‘nay’ on Winter Games

The question “are you for or are you against hosting the 2026 Olympic and Paralympic Winter Games?” was to be posed to them Tuesday in a plebiscite to help determine whether the city should move ahead with a bid.

Heir’s big birthday: 70 candles lined up for Prince Charles

Prince Charles turns 70 Wednesday, Nov. 14, 2018, still serving in the heir to the throne role he has filled since he was a young child.

Trudeau lays down challenge to companies in bid to boost trade with Asia

“Building the relationships, building the connections, building the facility and also changing mindsets — getting Canadian companies to see the opportunities we have around the world to partner and invest.”

CNN sues Trump, demanding return of Acosta to White House

CNN is asking for an immediate restraining order to return Acosta to the White House.

Amazon to split second HQ between New York, Virginia

Official decision expected later Tuesday to end competition between North American cities to win bid and its promise of 50,000 jobs

US trial to tell epic tale of Mexican drug lord “El Chapo”

Guzman’s long-awaited U.S. trial begins Tuesday in New York

Most Read