Flaherty Rules Out Tax Cuts In Fiscal Update

by Mike Godfrey, Tax-News.com, Washington

25 October 2007

Canadian Finance Minister, Jim Flaherty, has dismissed reports that he is proposing to introduce considerable tax cuts in next month's fiscal update.

Instead, Mr. Flaherty has concentrated on drawing public attention to his hopes for the 2008-9 budget, which will take place next spring.

When asked to comment on the recent media speculation on the topic, the Finance Minister reportedly explained that:

"We are planning a budget for the spring. I'm certainly not going to talk about what's going to be in the fall update, specifically here. What I will say is we do intend to follow the normal budget procedure in the springtime, we'll have a spring budget."

Much of the anticipation for this particular fiscal report may derive from the fact that in a similar update a year prior, the Prime Minister announced a momentous Tax Fairness Plan for the country.

However, Mr. Flaherty has dismissed delivering a similar update this year, according to reports, announcing that: "The fiscal update is a fiscal update. I'll be talking about where we are in terms of revenues, corporate revenues and personal income tax revenues, surplus and debt payments and we'll have a budget in the spring."

Recommended