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

Saanich police detectives are investigating a reported sexual assault that occurred near Glanford Park on the evening of Dec. 29, 2020 and have shared an artist’s rendering of the individual. (Image via Greater Victoria Crime Stoppers)
Saanich police release sketch of suspect sought in December sexual assault

Anyone with information asked to contact detectives, Crime Stoppers

Sharon McNeill (right) was among the first batch of residents to pick up free seeds and seedlings from Ali Rivers, Central Saanich’s climate action specialist, during Thursday’s Seed Giveaway. (Wolf Depner/News Staff)
Central Saanich plants seeds in the fight against climate change

Seed Giveaway promotes environmental stewardship

Habitat Acquisition Trust has received provincial funding to help restore Garry oak ecosystems on southern Vancouver Island. (Photo by Jeremy da Silva)
Central Saanich park among sites for local Garry oak restoration projects

Habitat Acquisition Trust received $140,000 in funding for 12 projects

Stanley Fischer (right) died while in a Victoria police jail cell hours after he was arrested on Nov. 15, 1981. Forty years later, his family is questioning his cause of death. (Photo courtesy of Mark Fischer)
Family wants investigation into man’s 1981 death while in Victoria police custody

Stanley Fischer’s death was ruled a suicide after he was found hanging in his jail cell

Saanich Animal Control officer Derek Rees and some helpers rescued eight ducks from a storm drain at St. Andrew’s Regional High School on May 7. The mother and her 11 babies were safely released at Swan Lake. (Devon Bidal/News Staff)
VIDEO: Teachers, officer rescue eight ducklings from Saanich school storm drain

Ducklings rescued at St. Andrew’s Regional High School, family of 12 released at Swan Lake

Ladysmith RCMP safely escorted the black bear to the woods near Ladysmith Cemetary. (Town of Ladysmith/Facebook photo)
Black bear tranquillized, relocated after wandering around residential Ladysmith

A juvenile black bear was spotted near 2nd Avenue earlier Friday morning

Provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix update B.C.’s COVID-19 situation at the B.C. legislature, April 29, 2021. (B.C. government)
B.C.’s COVID-19 case count creeps up, seven more deaths

445 people in hospital, 157 in intensive care

Summerland’s positive test rate is much higher than surrounding local health areas, according to internal BC CDC documents. (BC CDC)
Summerland third behind Surrey, Abbotsford in daily per capita COVID-19 cases

Interior Health is rolling out additional vaccine availability to the community

Amazon is pausing its Prime Day marketing event in Canada this year amid ongoing COVID-19 outbreaks at its facilities in Ontario. THE CANADIAN PRESS/Nathan Denette
Amazon Prime Day halted in Canada due to COVID-19 outbreaks in warehouses

The postponement of the event was put in place to protect the health and safety of employees and customers, the company says

At this Highway 3 check point, police officers will be asking for identification from drivers, documentation regarding the driver’s name and address, and the purpose for the driver’s travel. (RCMP)
No fines handed out at 1st COVID-19 roadblock as checks move across B.C.

Cpl. Chris Manseau says a total of 127 vehicles were stopped at a roadblock in the Manning Park area

A spectator looks on as the Olympic Caldron is relit in downtown Vancouver, Wednesday, February 12, 2020. THE CANADIAN PRESS/Jonathan Hayward
Small majority of B.C. residents in favour of a Vancouver 2030 Olympic bid: survey

A new survey shows a split over the possibility of public money being spent to organize and host the winter games

Jasmine Francoeur from Comox is an aviation technician for the Snowbirds air demonstration team. Photo by Canadian Forces/submitted
Island woman’s career comes full circle as she flies home with the Snowbirds

Jasmine Francoeur: “To fly out here, fly into my hometown, it’s very special and I feel very lucky”

Most Read