Morneau promises fiscal update next week detailing state of Canada’s finances
OTTAWA — Finance Minister Bill Morneau says he will deliver a fall economic update Tuesday to document the recent strong growth in the Canadian economy, but did not say whether it will include a plan to eliminate the federal deficit.
Morneau says the update will “affirm” plans to reverse course and cut the small business tax rate to nine per cent by 2019.
He says the update will also end tax advantages for “the wealthy few” — a plan that has landed the finance minister in a world of controversy.
He made the announcement in the House of Commons despite being under siege in recent weeks from opposition critics over the proposed changes, as well as allegations of conflict of interest involving his considerable financial assets.