Canada Finmin Text: To Release Fall Budget Update on Oct. 24

     OTTAWA (MNI) - Following is the text of a statement published Thursday by

Canada's Department of Finance announcing the Fall budget update will be

released on October 24:

     When you have an economy that works for the middle class, you have a

country that works for everyone. The Government of Canada's plan to invest in

people, in communities and in the economy is working. As it takes the next steps

in its plan, the Government will build on successes achieved over the last two

years - from the more than 400,000 jobs that have been created, to lower taxes

for the middle class and for small business, to a renewed relationship with

Indigenous Peoples.

     Finance Minister Bill Morneau today announced that the Fall Economic

Statement will be tabled on October 24, 2017.

     The Statement will build on a plan that is working, and take important next

steps to ensure the middle class and those working hard to join it share in the

success we achieve as a country. The Statement will also affirm the Government's

plan to reduce the small business tax rate to 9 per cent, while ensuring that

this preferential rate is used to support growth and job creation, and not to

provide tax advantages for the wealthy few.

     On October 5, 2017, Minister Morneau met with private sector economists to

gather their views on the Canadian and global economies, which will be reflected

in the Fall Economic Statement. Canada has the fastest growing economy among G7

nations, with second-quarter real gross domestic product (GDP) growth hitting

4.5 per cent. For the fiscal year that ended March 31, 2017, the budget deficit

is $11.6 billion less than originally projected in Budget 2016.

     Following consultations and open dialogue with stakeholders across the

country, and with the needs of families as its highest priority, the Government

is building an economy that works for the middle class and those working hard to

join it.

     Quick Facts:

Canada's underlying economic and fiscal fundamentals remain sound: over the last

four quarters, real GDP has grown at an average rate of 3.7 per cent - the

strongest four-quarter period of expansion since 2006. The labor market has also

been strong, with over 400,000 new jobs created in the last two years.

The Government of Canada has taken significant steps towards helping families

regain the confidence needed to help drive the economy forward. This includes

cutting taxes for 9 million Canadians, introducing a new Canada Child Benefit,

and strengthening the Canada Pension Plan so that future generations of workers

can retire with dignity.

The Government is committed to sound fiscal management as it continues to make

investments to support long-term economic growth and a strong middle class,

while preserving Canada's low-debt advantage for current and future generations.

--MNI Ottawa Bureau; +1 613 869-0916; email: yali.ndiaye@marketnews.com

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