Statement regarding Bill C-2 – November 24, 2016

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Statement regarding Bill C-2 – November 24, 2016

Summary

A Senate news release pertaining to Bill C-2, dated November 22, 2016, was not clear and, although I appreciate that the news release was corrected on November 24, 2016, I still consider it necessary to bring some clarity to a quote that was attributed to the PBO in the November 22 version.

The statement in quotes was indeed from the PBO, but for greater clarify should have read as follows: “The shortfall is about $8.9 billion from 2015-2016 to 2020-2021 and about $1.7 billion annually from 2016-2017 to 2020-2021.” Moreover, the rest of the text, which read as follows: “The committee amended version would add no new deficit.” appeared to be from the PBO, but that is not the case. At no time did the PBO endorse the amendment put forward by the Standing Senate Committee on National Finance.

The PBO has published two reports pertaining to Bill C-2, one on May 17, 2016, entitled Financial Analysis of a Targeted Tax Credit for Taxpayers in the Second Bracket, and another on January 21, 2016, entitled, The Fiscal and Distributional Impact of Changes to the Federal Personal Income Tax Regime.

For more information, please call 613-992-8026

Jean-Denis Fréchette

Parliamentary Budget Officer

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