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New Canadian Gov't Launches Pre-Budget Consultations

by Mike Godfrey, Tax-News.com, Washington

07 January 2016


Canada's new Liberal Government has launched pre-Budget consultations with the aim of better supporting the "middle class," creating jobs, and establishing the conditions for long-term prosperity and strong economic growth.

Finance Minister Bill Morneau said: "Canadians expect to be at the table when decisions are made about their future. Real change means working together on the things that matter most in our everyday lives. These pre-Budget consultations are a critical part of ensuring we are focused on the right priorities. I look forward to an honest, constructive dialogue about the significant challenges our economy faces, and the opportunities we can seize now to ensure a strong middle class, more prosperous communities, and long-term, sustainable economic growth."

The Government is seeking feedback on how it can better support the middle class and on the infrastructure needed to grow the economy, protect the environment, and meet local priorities. It would also welcome comments on whether the implementation of these priorities and initiatives is realistic.

From January 11, Morneau will hold a series of pre-budget consultations with shareholders.

On January 1, the first tax reforms introduced by the new administration entered into force. The 22 percent rate on incomes between CAD44,701 and CAD89,401 was cut to 20.5 percent and a new rate of 33 percent was introduced for incomes in excess of CAD200,000.

TAGS: environment | tax | budget | tax thresholds | ministry of finance | tax rates | Canada | tax reform

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