HOLDING THE LINE ON DEFICIT REDUCTION, AND MAINTAINING THE INTEGRITY OF THE TAX SYSTEM
Like its predecessor, the 2013 federal budget is entitled “Jobs, Growth, and Long-Term Prosperity”. In his eighth budget, finance minister Jim Flaherty has tabled a document focused on balancing the books, targeted spending, and fine-tuning the tax rules.
Despite being challenged by lower-than-expected growth in the Canadian economy, the government says it’s on course to eliminate the deficit and return to balanced budgets by 2015-16. It projects a $25.9 billion deficit for 2012-13, an $18.7 billion deficit in 2013-14, a $6.6 billion deficit for 2014-15, and a surplus of $0.8 billion in 2015-16.
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