This article was last updated on April 16, 2022
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In an email addressed to all opposition members of the Parliament, Finance Minister Jim Flaherty has invited them to propose “low-to nocost ideas to grow the economy” to be considered for the 2014 federal budget while the Conservative administration aims at squeezing more economic growth out of tighter purse strings. The annual pre-budget consultation letter included a routine warning that any proposals of costly new spending initiatives or new taxes, including increased business taxes or carbon levies, will be disregarded.
Flaherty’s letter asking for Budget 2014 ideas mentioned that “I will not entertain the traditional ‘laundry list’ of new spending or subsidy programs typically sent from the opposition – lists sent with no regard to their actual costs to taxpayers or their impact on the long-term state of Canada’s finances.” He added that the 2014 fiscal blueprint will mainly concentrate on creating jobs and economic growth, while maintaining low taxes and producing a balanced budget in 2015, as promised.
The Conservative government is still very much optimistic to balance the books in 2015-16, along with a minimum $3.7-billion surplus, as mentioned in recent fall economic update, which also includes a $3-billion downward revenue adjustment for risk, implying that this the surplus might increase if risks don’t materialize. The Harper government has been successful in sponging billions of dollars in past budgets. The government’s fall economic update and a recent Parliamentary Budget Officer report revealed that federal departments and agencies have made a new record of under-spending their budgets by billions of dollars this year.
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