Economic update projects $1.9 billion surplus for 2015
Posted Nov 12, 2014 12:35:49 PM.
This article is more than 5 years old.
The federal Finance Department says next year’s surplus will come in at $1.9 billion, much smaller than projected last year.
That amount is $5.5 billion lower than the $6.4-billion surplus projected in February, thanks in large part to the Harper government’s multibillion-dollar cost-cutting measures for families.
The Conservative government estimates its package of family-friendly initiatives will reduce public coffers by about $27 billion between 2014-15 and 2019-20.
The update also says dropping oil prices will drain $500 million from Ottawa’s bank account this year and $2.5 billion annually from 2015 to 2019. The document says Canada is projected to run a $2.9-billion shortfall this fiscal year, matching the government’s projection in the February budget.
After 2015-16, Ottawa is forecasting a surplus of $4.3 billion in 2016-17; $5.1 billion in 2017-18; $6.8 billion in 2018-19 and $13.1 billion in 2019-20.
