Harper Government Releases Economic and Fiscal Update

Canada remains on track  for a balanced budget in 2015

November 12, 2014 – Toronto, Ontario – Department of Finance

2014-ecnomic-action-plan-graphicFinance 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.

Quick Facts

         

    • 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.

Quote

“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

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Media Contacts

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000