Finance Minister Bill Morneau responds during question period in the House of Commons on Parliament Hill in Ottawa on Thursday, Oct. 25, 2018. THE CANADIAN PRESS/Adrian Wyld

Federal Liberal government to release fall economic update Nov. 21

Finance Minister Bill Morneau told the House of Commons that the economy is still on a roll and the unemployment rate is hovering near four-decade lows.

The Trudeau government will release its fall economic update on Nov. 21 as part of a plan that Ottawa insists will help keep Canada competitive.

Finance Minister Bill Morneau, who made the announcement on Thursday, told the House of Commons that the economy is still on a roll and the unemployment rate is hovering near four-decade lows.

There are concerns, however, that Canada has lost some of the advantages it once boasted as an investment destination.

Corporate Canada and, more recently, a Senate committee have been pressing Morneau to slash business taxes to keep the country from falling behind after major tax and regulatory reforms in the United States.

In the U.S., the government has been forced to borrow more cash — and run deeper deficits — in order to cover President Donald Trump’s tax cuts.

Sources with knowledge of Ottawa’s competitiveness plan have said Morneau is looking at targeted measures rather than broad-based corporate tax cuts.

The fall update will also contain fresh projections on economic indicators and on the path of the federal books, which posted a $19-billion deficit last year.

In this year’s federal budget, Morneau projected a shortfall of $18.1 billion for 2018-19, with annual deficits set to shrink each year to $12.3 billion in 2022-23. The projections include annual $3-billion cushions to offset risks.

“I’m pleased to say that on Nov. 21 we’ll introduce our fall economic statement so we can update Canadians on further actions we’ll take to keep our economy growing, to keep people investing in our country and creating jobs,” Morneau said Thursday.

Related: ‘Some baloney’ in assertion Canada’s pension fund has highest ethical standards

Related: Cities make power play for new fiscal order with eye to 2019 federal election

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Ponoka RCMP respond to intoxicated male in Golden Leisure Lodge

On May 15, 2019 the Ponoka RCMP responded to a complaint of… Continue reading

Town to sign five-year policing agreement with Ponoka Stampede

The Town of Ponoka will go ahead with a five-year renewable agreement… Continue reading

UPDATED: Ponoka RCMP arrest male on Canada wide warrant

UPDATE for Immediate Release: Collin James Courteoreille was wanted on a Canada… Continue reading

Town passes 2019 budgets and tax bylaw with 2.2 per cent increase

Ponoka town council passed a $25.5 million 2019 capital and operating budget… Continue reading

Alberta throne speech followed by bill to repeal provincial carbon tax

Prime Minister Justin Trudeau has already signalled that if Alberta removes the tax, it will impose its federal carbon levy

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

Canada stripping citizenship from Chinese man over alleged marriage fraud

The move comes amid severely strained relations between Ottawa and Beijing

Mayor says northern Alberta town still under threat from nearby wildfire

The blaze has now eaten its way through about 920 square kilometres of forest

Bashaw RCMP assist Stettler in arrest

Man out on bail sitting in custody after vehicle theft spree

Ottawa spending $24.5M to research health benefits, risks of pot use

$390,000 will fund two cannabis public awareness

Crackdown on money laundering does not include federal public inquiry: minister

An independent report commissioned concluded $7.4 billion was laundered in B.C. last year

Trudeau’s action plan on climate change brings B.C. politician out of retirement

Terry Lake, a former B.C. health minister, is running for federal office in Kamloops-Thompson-Cariboo

Survey finds minimal progress in Canadian military’s fight against sexual misconduct

1.6 per cent of regular-force members — 900 military personnel — reported having been victims of sexual assaults over past year

Most Read