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

Trail starts water conservation Monday

Restrictions part of municipal commitment to lower water demand

Horoscopes for the week of May 26

Weekly horoscopes by Morgan Fava

COVID-19: Business Check-In

The application process for certain programs has not been smooth.

Nakusp RCMP seize large quantity of drugs during seach warrant on May 27

The warrant was conducted in the 300th block of 8th Avenue NW

Possible Kermode Bear spotted near Castlegar

A local resident spotted the white-coloured bear while on an evening trail run on May 27

Mission prison COVID-19 outbreak ends, 9 new cases in B.C.

New positive test at Port Coquitlam care home

VIDEO: Humpback whales put on quite a show

The ‘playful’ pod lingered by a Campbell River tour operator’s boat for quite some time

Getting hitched at historic B.C. gold rush town still on table during COVID-19 pandemic

Micro-weddings, online visits, offered at Barkerville Historic Town and Park

Revelstoke woman finds welcoming letter on her Alberta-registered truck

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

B.C. businesses ‘can’t shoulder burden’ of COVID-19 sick pay

Trudeau’s plan should be tied to federal emergency aid

B.C. teacher reprimanded for sharing homophobic and sexist memes, making racist comments

Klaus Hardy Breslauer was accused of making a laundry list of concerning decisions as a science teacher

COVID-19: B.C. too dependent on foreign food production workers

New B.C. job site links unemployed with farm, seafood work

Another Asian giant ‘murder hornet’ found in Lower Mainland

This is the farthest east the invasive species has been found so far

B.C. girl left temporarily paralyzed by tick bite sparks warning from family

Mom says parents need to check their kids when they go camping

Most Read