Canada Budget Sees Deficit Almost Erased In 2014/15
The Canadian government said on Thursday its record budget shortfall would be cut in half when economic stimulus ends next year, and the shortfall would be almost eliminated in 2014/15 with C$17.6 billion in savings from expenses restraints, approaching back the timeline to return to balance by at least a year.
The record gap for the 2009/10 fiscal year that ends March 31 was revised modestly lower to C$53.8 billion from C$55.9 billion, and is expected to decline to C$49.2 billion next year and C$27.6 billion in 2011/12, the government said in the 2010 Budget.
Over the three years after that, the shortfall is seen to drop from C$17.55 billion to just C$1.8 billion in 2014/15. Last year's budget forecast a small surplus in 2013/14.
Federal debt as a share of gross domestic product is expected to peak at 35.4% in 2010/11 and fall to 31.9% by 2014/15.
