This article was last updated on April 16, 2022
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In a much awaited fall economic and fiscal update unveiled by the Finance Minister, Jim Flaherty, in Edmonton, he revealed that the federal government will not only balance its books in the budget by 2014-15, but will also produce a surplus by the time Canadians head to the polls in 2015. The latest government projection alleged a deficit of $5.5 billion for 2014-15 with a projected surplus of $3.7 billion in 2015-16, which if compared to previous predictions of Flaherty in March budget, was deficit of $6.6 billion for 2014-15 and a budgetary surplus of $800 million in 2015-16.
The government has made these promises in light of numerous projected savings proposed and enacted only recently, including the freezing of Employment Insurance premium rate and reintroduction of operating freeze on departmental spending, which the government announced in the throne speech. The freeze will reportedly apply for two years beginning in March 2014 and is expected to generate savings of approximately $500 million in 2014-15 and $1.1 billion in 2015-16.
In addition to that, the federal government has also updated its fiscal framework in accordance to its revenues that are expected to result from sale of government assets. The government has announced to divest its interests in 30 million common shares in General Motors, along with assets in Ridley Terminals, i.e. a bulk coal terminal in B.C. The anticipated gain from such sales of assets is projected to be around $500 million in 2014-15 and $1.5 billion in 2015-16, which the government says is a “conservative” estimate.
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