Tax cut expected to cost $27B

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fiscal position

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Business

Business & Economics

Carney delays Canada budget, plans to lower income tax by July

Summary

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73% Informative

The tax cut is expected to cost $27 billion over five years , according to a document released by the government. Speaking to reporters Wednesday , Champagne said the government doesn’t plan to provide a major update on the country’s fiscal position until later this year , in the form of a fall economic statement. The government usually presents a budget in the first half of the year , but the House of Commons hasn’t been in session all year after Justin Trudeau resigned and was replaced by Carney , who called an election almost immediately..