The True Post( Web news)Canadian Prime Minister Mark Carney has announced that his Liberal government will present a federal budget in the fall of this year, a decision made in view of the limited time for a new cabinet to prepare a budget and important international meetings.
“With a new cabinet, there is no particular significance in producing a budget in the short space of three weeks,” Carney said at a press conference.
He added that more time is needed to prepare the budget, given the NATO summit in June and ongoing economic partnership talks with the United States.
The government aims to improve public sector productivity and focus on key issues such as defense spending and trade relations with the United States.
The Finance Minister has confirmed that the government will present an economic update after Parliament reconvenes on May 27.
In addition, the government plans to cut taxes for middle-income earners before July 1, which was among the promises made during the election campaign.
This tax cut is expected to cost about 22 billion Canadian dollars over four years and could provide savings of up to 800 Canadian dollars annually for two-income families.
This decision by the Carney government reflects their determination to avoid hasty budget preparation and to present a comprehensive and effective fiscal plan, which is important in the context of current economic challenges and international relations.
