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

Transfer Beach Dippers have been taking to the waters of Transfer Beach as safely as possible during the COVID-19 pandemic. (Submitted photo)
‘Transfer Beach Dippers’ group finds community in the cold water

Dippers tend to dip at 6am, 8:45am, or 6pm at Transfer Beach

John Ambrose Seward, 33, is described as Indigenous and five-foot-eight with short black hair and brown eyes. (Police handout)
John Ambrose Seward, 33, is described as Indigenous and five-foot-eight with short black hair and brown eyes. (Police handout)
High-risk sex offender banned from central Island, living in Vancouver: police

John Ambrose Seward, 33, has been released from prison under a number of conditions

Chemainus Theatre facilities manager Damion Knight at the spot inside the gallery and gift shop where thieves smashed a window and grabbed masks. (Photo by Don Bodger)
Unique masks valued at $1,000 stolen from Chemainus Theatre Gallery

Thieves smash a window and grab the goods early Monday morning

Firefighters, including those from Cranberry volunteer department, are battling a blaze in the Nanaimo River Road area. (Chris Bush/News Bulletin)
Dwelling destroyed, two taken to hospital after Nanaimo River Road blaze

Numerous fire departments and first responders at south Nanaimo area

Restaurant patrons enjoy the weather on a patio in Vancouver, B.C., Monday, April 5, 2021. The province has suspended indoor dining at restaurants and pubs until at least April 19 in B.C. due to a spike in COVID-19 numbers. THE CANADIAN PRESS/Jonathan Hayward
B.C. sets new COVID-19 daily record with 1,293 cases Thursday

New order allows workplace closures when infections found

B.C. Health Minister Adrian Dix and Premier John Horgan describe vaccine rollout at the legislature, March 29, 2021. (B.C. government)
1,262 more COVID-19 infections in B.C. Friday, 9,574 active cases

Province’s mass vaccination reaches one million people

The 10-part Netflix series Maid, which is being exclusively shot in Greater Victoria, was filming near Prospect Lake in Saanich last month. (Photo courtesy Fred Haynes)
Province announces $150,000 towards South Island film studio, fulfilling B.C. NDP promise

Investment to fund movie studio feasibility study at Camosun College

Tyson Ginter, 7, is proud of his latest Hot Wheels he recently received by Quesnel RCMP Const. Matt Joyce. (Photo submitted)
B.C. Mountie handing out toy cars to light up children’s faces

‘A lot of times it will be the only interaction they have with the police,’ says Const. Matt Joyce

Chief Public Health Officer Theresa Tam speaks during a technical briefing on the COVID pandemic in Canada, Friday, January 15, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Canada’s ICUs see near-record of COVID-19 patients last week as variant cases double

Last week, Canadian hospitals treated an average of 2,500 patients with COVID-19, daily, up 7% from the previous week

University of Victoria rowing coach Barney Williams at the University of Victoria in Victoria, B.C. THE CANADIAN PRESS/Chad Hipolito
UVic, women’s rowing coach deny former athlete’s allegation of verbal abuse

Lily Copeland alleges coach Barney Williams would stand close to her and speak aggressively in the sauna

Librarian Katie Burns with the Fraser Valley Regional Libraries poses for a photo in Chilliwack on June 18, 2019. Monday, April 12, 2021 is Library Workers’ Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of April 11 to 17

Library Workers Day, That Sucks! Day, and Wear Your Pyjamas to Work Day are all coming up this week

Nanaimo RCMP are asking for the public’s help in identifying the man suspected of being involved in a stabbing. (Photo submitted)
Nanaimo RCMP trying to identify stabbing suspect who wielded rusty knife

Stabbing followed argument between two men at Port Place Shopping Centre April 1

The inside of the Campbell River Community Centre gymnasium has been marked off in order to facilitate the public flowing through the clinic as they receive their COVID-19 vaccination. Photo by Alistair Taylor – Campbell river Mirror
Leftover vaccines go into arms, not down the drain: Island Health

Immunization plan comes with built-in options for any unused vaccines at the end of the day

Most Read