November 6, 2014 / 8:53 PM / 4 years ago

Canada's November 12 fiscal update will not have new measures

Canada's Finance Minister Joe Oliver speaks during Question Period in the House of Commons on Parliament Hill in Ottawa November 6, 2014. REUTERS/Chris Wattie

OTTAWA (Reuters) - The Canadian government will deliver its fall economic and fiscal update on Nov. 12 with a new forecast for budget balances but no new spending or tax measures beyond those announced last week, Finance Minister Joe Oliver said on Thursday.

The government last week announced C$26.76 billion ($23.47 billion) in family tax cuts and benefits over six years.

The fall update will take that into account as well as new data since the government presented its 2014-15 budget in February.

“The economic update will not be a mini-budget,” Oliver told reporters, confirming it will not contain additional measures.

Prime Minister Stephen Harper said last week that there will be a small budget deficit for the fiscal year ending on March 31, 2015, and that 2015-16 would see a small surplus. Oliver reiterated on Thursday that next year’s budget would be in the black.

The Canadian Club of Toronto later gave details on the timing of the fiscal update, saying Oliver would present it to the club in an event that will begin at 12 p.m. ET.

Reporting by Randall Palmer; Editing by Diane Craft and Peter Galloway

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