Jack Mintz: Morneau admits Canada’s ‘Trumped’ on competitiveness but still won’t fix it
Finance Minister Bill Morneau has finally admitted we’ve been “Trumped.” Morneau conceded in an interview over the weekend that Canada has a competitiveness problem and he plans to address it in the fall fiscal update. He said he wants to encourage business investment, which is no doubt a code word for selective tax credits or accelerated-depreciation allowances for new investments.
He’s not nearly as interested in lowering taxes, he said, which is the biggest policy issue of all. “People want to make sure that the next investment they’re going to be making is on an advantageous basis,” Morneau told Bloomberg News. “That’s a much more common refrain than someone coming in and saying, ‘You know, I really think you should really cut rates’.”