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Canadian Budget To Feature Income Tax Cut

by Mike Godfrey, Tax-News.com, Washington

15 August 2014


Joe Oliver has hinted that his first Budget as Canadian Finance Minister could include cuts to federal income tax rates.

Oliver told reporters that there will be a budgetary surplus next year. As a result, the Government will be "focusing on reducing taxes to individuals and we'll be able to continue to see the transfer programs to the provinces and individuals." This will involve tax cuts for individuals and families, he clarified.

Oliver added that the Government is "not in a position where we have to take draconian steps. We're not looking to an austerity budget, but we're absolutely determined to proceed in a fiscally responsible way."

The latest Fiscal Monitor, published in late July, showed that there was a budgetary deficit of CAD1.1bn (USD1bn) in the April-May 2014 period. This compares with a CAD2.7bn deficit for the same period in 2013. Revenues rose by 3.8 percent (CAD1.6bn), largely reflecting increases in income taxes and excise taxes and duties.

TAGS: individuals | Finance | tax | budget | ministry of finance | tax rates | Canada | revenue statistics | tax reform | individual income tax

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