The administration of the Canadian Prime Minister Justin Trudeau is slated to release its regular fall budget update this coming Nov. 21, Canada's Finance Minister Bill Morneau said on Thursday, less than a year before the next national election will be held. Meanwhile, results of new polls suggest that a majority of Canadians would want the government to put the focus on balancing the federal budget rather than investments.
According to Reuters, Morneau took to his social media to make the announcement but failed to provide any specific details that could offer hints on what the regular fall budget would be about.
A report from CTV News said that in the speech made in the House of Commons, the Finance Minister reiterated that the Canadian economy is still struggling to gain momentum. The unemployment rate which is now nearing a four-decade low doesn't help as well.
There were also other concerns being pointed out indicating Ottawa's loss of economic advantages.
A Senate committee together with Corporate Canada is now calling for the office of Finance Ministry to consider implementing tax cuts on businesses to keep the economy afloat, much like what the Trump administration did for the US domestic enterprises.
As reported earlier here on Business Times, the Republican Party-dominated US House Panel has rallied its support for the Trump government's plan to make the 2017 tax overhaul a permanent thing.
Others have argued though that this new scheme from the White House forced the government to borrow more cash to cover for Trump's tax cuts. This, in turn, put the administration deep in fiscal deficits.
At this point, Morneau emphasized the importance for the Trudeau admin to tread carefully in this financial proposition.
The government's main objective now is to ensure the country's ability to retain steady growth in domestic businesses as well as to attract more foreign businesses into the country, which means more jobs for Canadians.
Latest Poll Results
The report from Globe and Mail pointed out the current survey conducted on Canadians who said that they would rather have the government put attention on balancing the federal budget rather than in making investments.
The data also revealed that most citizens in the country would want business tax rates to be at par or higher than the US.
Morneau projected that this year's federal budget has suffered a shortfall of $18.1 billion for 2018-19, with annual deficit rate expected to shrink to $12.3 billion by the next 4 to 5 years. These projections from the ministry also include the yearly $3 billion safety net intended to offset unforeseen risks.
