Canada’s Finance Minister has said that his “number one priority” is reducing the taxes faced by Canadian families. Tax cuts are to take preference over plans to lower the country’s debt or boost government spending. After the tax cuts are achieved, other issues such as reduction of public debt can be considered. No specific tax reduction measure has so far been announced.
The 2014 Budget contained a number of reforms to address tax avoidance, reduce the compliance burden on businesses, and improve the range of tax credits on offer. Canada is expected to record a surplus of CAD6.4bn (USD5.8bn) in the 2015-16 financial year.
