Windfalls in Canada’s coffers make room for corporate tax breaks in today’s fiscal update

Recent turmoil in oil and financial markets aside, Finance Minister Bill Morneau’s budget update Wednesday will paint a rosy enough picture to finance tax breaks for corporations without fuelling additional deficits.

The federal government will probably revise revenue projections upward by at least $7 billion (US$5.5 billion) over three fiscal years beginning with the current one, according to Bloomberg calculations. That’s thanks to a better-than-expected economic outlook and signs of...

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