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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





22 November 2018

Strong economic performance helps Canada use tax breaks

If we don’t mention the latest turmoil in oil and financial markets, the recent budget update from Finance Minister Bill Morneau provides an optimistic outlook with a possibility of tax breaks for corporations without causing an additional deficit.

According to Bloomberg, the federal government may review the projections upward by at least $7 billion during the next three fiscal years starting from the current one. The reason for that is a better-than-expected economic outlook and signs of higher tax collections. It also excludes higher revenue from a new carbon tax in case of certain Canadian provinces.

The fiscal update is the largest list of revised projections aside from the annual budget. This time, it appears amid numerous calls to solve the issue of Canada’s weak competitiveness.

However, this demand for expensive support is putting the business community in an awkward position, as they are quite critical of the deficit spending.

“The government keeps spending at a large rate,” - Perrin Beatty, chief executive officer at the Canadian Chamber of Commerce, noted. “They have found themselves between two fires, as they need to both solve this issue and deal with the lack of fiscal flexibility.”

Trudeau’s government has doubts on reducing the stimulus even with the economy mostly at full capacity. They point to a successful expansion support. Each unexpected fiscal leeway (like before the previous budget) has already been spent and not used for decreasing the deficits.

 

 

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