Canada remains on track for a balanced budget in 2015
November 12, 2014 – Toronto, Ontario – Department of Finance
Finance Minister Joe Oliver today released the annual Update of Economic and Fiscal Projections,which confirms that the Government remains on track for a balanced budget in 2015, with an expected surplus of $1.9 billion.
Minister Oliver outlined Canada’s impressive success in creating jobs, growth and long-term prosperity. In contrast to Canada, the Minister noted weak and uneven global growth in the aftermath of the deepest economic and financial crisis since the Great Depression. In comparison to difficult economic situations faced by other countries, Minister Oliver emphasized the Harper Government’s continued commitment to its low-tax plan to create jobs and growth.
Minister Oliver also highlighted the Government’s latest tax cuts and benefits to put more money back in the hands of Canadian families: increasing and expanding the Universal Child Care Benefit, introducing the Family Tax Cut, increasing the Child Care Expense Deduction limits, and doubling the Children’s Fitness Tax Credit and making it refundable, thereby making it more affordable for Canadian families to raise healthy kids.
- The Harper Government’s latest tax cuts and benefits represent close to $27 billion back in the pockets of families over this year and the next five years.
- Every Canadian family with children under the age of 18 will have more money in their pockets because of these tax cuts and benefits.
- The overall federal tax burden is at its lowest level in over 50 years.
- Over 1.2 million more Canadians are working now than in July 2009, when the recovery began, representing an increase of 7.3 per cent and one of the strongest job creation performances in the Group of Seven (G-7).
- The Harper Government remains committed to helping businesses thrive and create well-paid jobs for Canadians. The new Small Business Job Credit will make hiring new workers or investing in additional training easier for entrepreneurs and help them grow their business.
- The federal debt-to-GDP (gross domestic product) ratio is expected to fall to below its pre-recession level by 2017, helping to ensure that Canada’s total government net debt continues to decline and remains the lowest of any G-7 country. The Government is well on its way to meeting its commitment to reduce the federal debt to 25 per cent of GDP by 2021.
- In addition to growing the size of the economy, the Government will reduce the size of the federal debt with unused annual contingency funds.
“Canada has come a long way. However, the global economy remains fragile. Our Government, under the leadership of Prime Minister Stephen Harper, has a plan to meet these challenges—a plan that is working—and we need to stay the course. Our Government is taking steps to put more money back into the pockets of Canadian families. We will continue to take the action necessary to secure prosperity for this generation and the next. Our Government’s top priority remains our commitment to Canadians to create jobs and opportunities for all Canadians, from coast to coast to coast.”
– Joe Oliver, Minister of Finance
- Update of Economic and Fiscal Projections
- Frequently Asked Questions: Update of Economic and Fiscal Projections
- Economic Action Plan 2014
Office of the Minister of Finance
Department of Finance