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

There was high voter turnout for the first of three advance voting days for the Penticton city by-election.
Penticton city by-election general voting day is today, June 19

737 voters on June 9 in comparison to 2018 general election, which had 1,001 on first day

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 Penticton-area men charged with Kamloops brothers’ double homicide

Brothers Erick and Carlo Fryer were found deceased in May in Naramata

(File photo)
Penticton not holding Canada Day activities out of respect for Indigenous people

Cities across B.C. are cancelling the holiday after an increased spotlight on Canada’s dark history

Fruit farmers in the Okanagan and Creston valleys are in desperate need of cherry harvesters amid COVID-19 work shortages. (Photo: Unsplash/Abigail Miller)
‘Desperate’ need for workers at Okanagan cherry farms

Fruit farmers are worried they’ll have to abandon crops due to COVID-19 work shortages

JAK's Liquor Store in Penticton will be donating 10 per cent of its sales on Saturday, June 19, to the Penticton Salvation Army Food Bank. (Photo from JAKS.com)
Stock up your liquor cabinet and support the Penticton food bank

Jak’s beer and wine store is donating a portion of sales to local food banks Saturday

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Starting in 2022, the Columbia Shuswap Regional District is extending dog control to the entire Electoral Area D. (Stock photo)
Dog control bylaw passes in Shuswap area despite ‘threatening’ emails

CSRD board extending full dog control in Electoral Area D starting next year

A North Vancouver man was arrested Friday and three police officers were injured after a 10-person broke out at English Bay on June 19, 2021. (Youtube/Screen grab)
Man arrested, 3 police injured during 10-person brawl at Vancouver beach

The arrest was captured on video by bystanders, many of whom heckled the officers as they struggled with the handcuffed man

Patrick O’Brien, a 75-year-old fisherman, went missing near Port Angeles Thursday evening. (Courtesy of U.S. Coast Guard)
Search for lost fisherman near Victoria suspended, U.S. Coast Guard says

The 75-year-old man was reported missing Thursday evening

Bruce Springsteen performs at the 13th annual Stand Up For Heroes benefit concert in support of the Bob Woodruff Foundation in New York on Nov. 4, 2019. (Greg Allen/Invision/AP)
Canadians who got AstraZeneca shot can now see ‘Springsteen on Broadway’

B.C. mayor David Screech who received his second AstraZeneca dose last week can now attend the show

New research suggests wolves can be steered away from the endangered caribou herds they prey on by making the man-made trails they use to hunt harder to move along. THE CANADIAN PRESS/Nathan Denette
Culling cutlines, not B.C. wolves, key to preserving caribou herds: researcher

The government has turned to killing hundreds of wolves in an effort to keep caribou around

Gary Abbott (left) and Louis De Jaeger were two of the organizers for the 2014 Spirit of the People Powwow in Chilliwack. Monday, June 21, 2021 is Indigenous Peoples Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of June 20 to 26

Indigenous Peoples Day, Take Your Dog to Work Day, Onion Rings Day all coming up this week

Gwen Spencer Hethey with her uncle and mentor Major Frederick Richardson. (Courtesy of Greater Victoria Sports Hall of Fame)
‘She was a killer’: The B.C. woman who pioneered female sharpshooting

Gwen Spencer Hethey made military men ‘look like turkeys’ says her son

Most Read