Federal Economic Statement October 24
Federal Finance Minister Bill Morneau will present a fall economic statement on October 24.
Usually, the fall economic statement is about the state of the economy. Given the number of vague announcements made this week in respect of the July income tax proposals, however, one has to wonder whether any further details will be released as part of the economic statement.
The government has indicated that the 2018 federal budget will set out the modified proposal for the taxation of investment income earned by holding corporations. Accordingly, I do not expect any details about the changes to that portion of the July proposals. However, there might be more details about other aspects of the July proposals.
Finance Minister Morneau has indicated that the fall economic statement will confirm the plan to reduce the federal component of the small business tax rate to 9 per cent by 2019. However, there is no indication whether the statement might contain other details.
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