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

Just Posted

Before you take on a pet, make sure you want to have it for life. (Sarah Simpson/Citizen)
Editorial: A pet is a lifetime commitment

Tons of people are getting pets during the pandemic, some for the first time

Over 60 Indigenous youth from Qualicum to Malahat are participating in the Step Up Work Placement Program. (Submitted photo)
New Mid-Island Indigenous youth work placement program seeks employer partners

So far, more than 60 youth from Qualicum Beach to the Malahat are participating in the program

Sign of the times: this property on View Street in Chemainus that exp Realty’s Debbie Simmonds had listed at $599,000 sold for $650,000. (Photo by Don Bodger)
Real estate market continues to soar in the Chemainus area

Multiple offers on properties common, leading to sales above listing prices

North Cowichan to consider implementing a new policy on cell towers in the municipality. (File photo)
North Cowichan to consider cell tower policy

Rogers Communications proposal prompts North Cowichan to revisit policy on the structures

Cowichan Valley school district to get new electric-powered bus by the end of the school year. (File photo)
Cowichan Valley school district to get new electric-powered school bus

Bus one of 18 to be distributed across the province

Marc Kielburger, screen left, and Craig Kielburger, screen right, appear as witnesses via video conference during a House of Commons finance committee in the Wellington Building in Ottawa on Tuesday, July 28, 2020. The committee is looking into Government Spending, WE Charity and the Canada Student Service Grant. THE CANADIAN PRESS/Sean Kilpatrick
BREAKING: Trudeau didn’t violate conflict rules over WE Charity, watchdog says

Federal ethics commissioner Mario Dion found that former finance minister Bill Morneau did violate the rules

Tinder. (Black Press Media files)
B.C. man granted paternity test to see if Tinder match-up behind ‘beautiful baby’

Through the courts, the plaintiff is seeking contact with the infant he believes is, in fact, his child

Nurse Tami Arnold prepares to administer a COVID-19 vaccine. (Kareem Elgazzar/AP)
B.C. adults 30+ now eligible to get vaccinated against COVID-19

Health officials made the announcement Wednesday afternoon

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Ancient Forest Alliance campaigner Andrea Inness walks beside an enormous western red cedar stump in a BCTS-issued cutblock in the Nahmint Valley. (PHOTO COURTESY TJ WATT)
Watchdog: logging practices put Vancouver Island old growth, biodiversity at risk

Forest Practices Board has issues with BC Timber Sales practices in Nahmint Valley near Port Alberni

Erik Christian Oun, who worked for the Coquitlam school district, has had his teaching licence suspended for half a year. (Pixabay)
B.C. teacher suspended after calling students ’cutie’ and ‘sweetheart’ in online messages

Erik Oun’s licence has been suspended for half a year, a decision made by the B.C. Commissioner for Teacher Regulation

An Israeli attack helicopter launches flares as he flies over the Israeli Gaza border, southern Israel, Thursday, May 13, 2021. (AP Photo/Ariel Schalit)
Singh calls for halt on Canadian arms sales to Israel as violence escalates in region

Government data shows Canada sent $13.7 million in military goods and technology to Israel in 2019

Scenes like this one in the dugout are all too frequent for parents and kids arriving to play baseball at Nunns Creek Park these days, spurring a request to the city to let them move to the Sportsplex in Willow Point. Photo from CRMB presentation to City of Campbell River
Needles, feces and the unhoused send Island kids baseball program to greener pastures

Campbell River minor baseball program switches ballparks over growing safety concerns

New homes are built in a housing construction development in the west-end of Ottawa on Thursday, May 6, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Budget’s foreign-homebuyers tax could bring in $509 million over 4 years, PBO says

Liberals are proposing a one per cent tax on vacant homes owned by foreign non-residents

Most Read