Liberals to release fiscal update before Christmas, Morneau says

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

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

Peacekeepers’ Day a national observance of faithful missions

Aug. 9 the date of nine Canadian lives lost while flying over Syria

Exhibit showcases one side of artist’s wide-ranging personality

Skagfeld takes something from all of her life experiences

Groundbreaking conducted Friday for new RCMP facility

Fall 2022 the target for completion of construction

Addition of a refrigerator and freezers warms the hearts of food bank volunteers

Harvest House the recipient of much-need appliances after grant application acceptance

We need more treatment placements for addicts

Harm reduction is an essential, stop gap measure

STANDING TALL: For some, B.C.’s forest industry is the best office in the world

A look at the forest sector in B.C. – and those hoping for the best – amid mill curtailments

Bad behaviour at B.C. restaurants ignites campaign calling for respect

“If you can’t follow the rules, then stay home,” says BC Restaurant and Foodservices Association

Addition pending to Cape Scott Provincial Park?

BC Parks will wait before announcing plans for nearly $1 million old growth land purchase

Frustration mounts as Metchosin sheep slaughter continues

Metchosin mayor upset with B.C. Conservation’s response as bear feeds on farm animals

Over half of Americans oppose Trump tariff on Canadian aluminum: survey

The survey was conducted Aug. 7 to 9 among 1,513 Canadians and 1,003 Americans

Oh baby, what a birthday gift: $2.8M raised to help B.C. boy with rare disease

‘We are very thankful to everybody,’ Aryan Deol’s father says

‘Huckleberry’ the bear killed after B.C. residents admit to leaving garbage out for videos

North Shore Black Bear Society said it was local residents who created a ‘death sentence’ for bear

Police investigating after insults, expletives yelled at federal minister’s staff

A 90-second video circulating on social media appears to have been shot by the person who was yelling

Central Vancouver Island’s Green Mountain fire under full control

Fire fighters still monitoring site between Cowichan Lake and Nanaimo River

Most Read