OTTAWA (Reuters) - Canada’s Conservative government will announce tax cuts for small businesses in its federal budget due to be released later on Tuesday, the Globe and Mail newspaper reported.
The story, which did not cite its sources, said the budget will also provide a measure so seniors will not have to withdraw as much money annually from their Registered Retirement Income Funds. The new formula will reduce the required minimum withdrawal by about 30 percent in the first year and smaller amounts in following years, the report said.
The ruling Conservatives have vowed to balance the budget for the 2015-16 fiscal year, after running years of deficits in the wake of global credit crisis.
The recent dive in oil prices means the budget that Finance Minister Joe Oliver delivers will contain fewer big treats for voters heading into October’s election than the government had hoped.
Oliver’s ability to push vote-getting measures is also hemmed in by Ottawa’s unveiling last October of around C$27 billion in family tax cuts and benefits over six years.
Reporting by Leah Schnurr; Editing by Jeffrey Hodgson and W Simon