Finance minister fails to address deepening deficit

Fall fiscal update addresses Canada’s competitiveness concerns, but reveals no intention to return to a balanced budget or surplus.

Ruth Saldanha 23 November, 2018 | 3:00PM
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Finance minister Bill Morneau addressed Canadian businesses and investors’ concerns around competitiveness in his fall fiscal update Wednesday, with an accelerated capital cost allowance that permits immediate expensing of qualifying capital goods.

“To encourage businesses to invest in their own growth and create more good, well-paying jobs, our Government proposes to allow businesses to immediately write off for tax purposes the full cost of machinery and equipment used in the manufacturing and processing of goods. We will also allow specified clean energy equipment to be eligible for an immediate write-off of the full cost. This will help achieve climate goals, and boost Canada's global competitiveness”, Morneau said.

This was broadly in line in expectations and is seen as a positive for business growth and investment.

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About Author

Ruth Saldanha

Ruth Saldanha  is Senior Editor at Morningstar.ca. Follow her on Twitter @KarishmaRuth.

 
 
 

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