The Ministry of Finance could include federal income tax rates cuts. According to the Finance Minister, there will be a budgetary extra next year. For this reason, the Government will focus on reducing taxes to individuals and it will involve tax cuts for individuals and families. According to the current Fiscal Monitor released in late July, presented there was a budgetary deficit of CAD1.1bn (USD1bn) during April-May 2014 period which can compares with a CAD2.7bn deficit for the same period in 2013. Revenues have increased in income taxes and excise taxes and duties by 3.8% (CAD1.6bn).
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