Canadian Finance Minister, Jim Flaherty, has warned Canadian taxpayers not expect significant tax cuts in the coming year beyond those already announced, citing the weakening US economy and the ongoing international credit crunch as factors in this decision.
"What we anticipate is some softening of the economy because of the weakness in the US economy, which means that there'll be less manoeuvrability in the budget," the Finance Minister announced, according to reports.
As the government prepares next year's spring budget, Mr. Flaherty was quoted by the Globe and Mail as announcing that:
"People ought not to expect substantial tax cuts in this budget. We have to be realistic: The times are getting more difficult."
However, the Canadian Finance Minister reportedly hinted at some further movement on personal income tax, particularly for taxpayers on higher incomes.
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