Liberals to release fiscal update before Christmas, Morneau says

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OTTAWA — Finance Minister Bill Morneau says the government will provide an update on federal finances before Christmas.

Morneau is introducing legislation today to provide a tax break for anyone earning under $147,000 a year.

But he also says the fall report on Ottawa’s fiscal status come within the next two weeks.

Over the weekend, the Conservatives called on Morneau to provide a fiscal update immediately as economic concerns mount following a poor jobs report late last week.

The tax cut fulfills a Liberal election promise to make the first $15,000 of income tax-free for most Canadians.

Morneau says the change will be implemented over the next four years and will save the average Canadian family $585 a year.