Finance Minister Bill Morneau responds during question period in the House of Commons on Parliament Hill in Ottawa on Thursday, Oct. 25, 2018. THE CANADIAN PRESS/Adrian Wyld

Federal Liberal government to release fall economic update Nov. 21

Finance Minister Bill Morneau told the House of Commons that the economy is still on a roll and the unemployment rate is hovering near four-decade lows.

The Trudeau government will release its fall economic update on Nov. 21 as part of a plan that Ottawa insists will help keep Canada competitive.

Finance Minister Bill Morneau, who made the announcement on Thursday, told the House of Commons that the economy is still on a roll and the unemployment rate is hovering near four-decade lows.

There are concerns, however, that Canada has lost some of the advantages it once boasted as an investment destination.

Corporate Canada and, more recently, a Senate committee have been pressing Morneau to slash business taxes to keep the country from falling behind after major tax and regulatory reforms in the United States.

In the U.S., the government has been forced to borrow more cash — and run deeper deficits — in order to cover President Donald Trump’s tax cuts.

Sources with knowledge of Ottawa’s competitiveness plan have said Morneau is looking at targeted measures rather than broad-based corporate tax cuts.

The fall update will also contain fresh projections on economic indicators and on the path of the federal books, which posted a $19-billion deficit last year.

In this year’s federal budget, Morneau projected a shortfall of $18.1 billion for 2018-19, with annual deficits set to shrink each year to $12.3 billion in 2022-23. The projections include annual $3-billion cushions to offset risks.

“I’m pleased to say that on Nov. 21 we’ll introduce our fall economic statement so we can update Canadians on further actions we’ll take to keep our economy growing, to keep people investing in our country and creating jobs,” Morneau said Thursday.

Related: ‘Some baloney’ in assertion Canada’s pension fund has highest ethical standards

Related: Cities make power play for new fiscal order with eye to 2019 federal election

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

ATCO gas line work in Lacombe

Lane Closures at the Highway 12/50 Avenue & 58 Street intersection

WATCH: Blackfalds Days Parade takes over community

Floats from all over central Alberta wows crowd

PHOTO: Petvalu donates to Paws and Claws Animal Rescue

$10,782 donated to help animals in central Alberta

Highlights of the Lacombe County council meeting – June 13, 2019

Next Regular Council Meeting is Thursday, June 27

PHOTOS: Blackfalds Minor Baseball Tournament

Teams from all over the province squared off in Blackfalds

WATCH: Blackfalds Days Parade takes over community

Floats from all over central Alberta wows crowd

Update: Two shot, two arrested at Toronto Raptors victory rally

The team and several dignitaries, including Justin Trudeau, remained on stage

Oil and gas sector cautious as deadline on Trans Mountain decision nears

Trudeau government expected to announce whether it will approve pipeline for second time on Tuesday

Feds announce $50M strategy to fight dementia

Emphasis is on prevention and and supporting caregivers

Federal Liberals’ plan to help first-time homebuyers to kick in weeks before election

Ottawa to pick up 5% of a mortgage on existing homes for households that earn under $120,000 a year

No business case for Trans Mountain expansion, says former environment minister

Cabinet is expected to announce its decision on the expansion of the Alberta-to-B.C. pipeline by Tuesday

Alberta Mountie found not guilty of dangerous driving causing pedestrian’s death

RCMP Const. Michelle Phillips also found not guilty of dangerous driving causing bodily harm

Three Albertans land ‘monster’ sturgeon in B.C.’s Fraser River

For angler who landed the exceptionally large sturgeon it was an ‘incredible dream come true’

Most Read