Jim Flaherty said the top priority will be a one percentage point reduction in the Goods and Services Tax, reiterating a promise the prime minister has repeatedly made.

Flaherty said small businesses will also benefit from other promised tax cuts.

He said the budget will come down soon, but didn’t give a date.

Speaking to the Markham, Ont., Board of Trade today, Flaherty stressed that his government would reduce the overall tax burden on Canadians while prudently managing the books.