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

After nearly 100 years in the field, Cloverdale farm recognized for agricultural leadership

Surrey Board of Trade awards Heppell’s Potato Corp with leadership award

First look at Cloverdale Athletic Park’s future field house

Field house part of $5.8-million revitalization project

‘Sophisticated’ mail theft, fraud operation uncovered in Cloverdale, say RCMP

Three have been arrested, charges have yet to be laid

South Surrey church members ‘praying for accused mother… for the whole process’

Lisa Batstone’s second-degree murder trial continues this week in B.C. Supreme Court

Spawning salmon returning to North Delta’s Cougar Creek

It’s early in the season, but the streamkeepers are hopeful it could be a good year for returns

Winter weather hits parts of Canada

As some parts of the country brace for cold, parts of B.C. remain warmer than 10 C

Giants serve up major defeat to Pats at Langley Events Centre

On the ice, Vancouver G-Men wrap up home stand with a 10-4 win over Regina Friday night.

Canada’s health system commendable overall but barriers to care remain: UN

The United Nations says Canada’s health care system is “commendable” overall but vulnerable groups still face barriers to quality care.

Unique technology gives children with special needs more independent play

UVic’s CanAssist refined seven prototypes aided by $1.5M government contribution

Kelly Ellard’s boyfriend has statutory release revoked

Darwin Duane Dorozan had several parole infractions that found him ‘unmanageable’

New chair of Metro Vancouver board is Burnaby councillor

The 40-person board is made up of elected officials from 21 cities and one First Nation

Doctor’s note shouldn’t be required to prove you’re sick: poll

70% of Canadians oppose allowing employers to make you get a sick note

German-born B.C. man warns against a ‘yes’ vote on proportional representation

Agassiz realtor Freddy Marks says PR in his home country shows party elites can never be voted out

Fashion Fridays: 5 coats you need this winter!

Kim XO, lets you know the best online shopping tips during Fashion Fridays on the Black Press Media Network

Most Read