On Tuesday, Jim Flaherty, Minister of Finance, released the annual Update of Economic and Fiscal Projections. This report confirms that our Conservative Government remains on track to balance the budget in 2015, with an expected surplus of $3.7 billion in 2015–16.
Responsible spending and balanced budgets are vital to Canada’s continued economic growth and stability. Taking action to balance the budget will help keep interest rates down and taxes low, and help Canada maintain its position as one of the best countries to invest money.
At the same time, we’re on track to balance the budget without raising taxes or cutting investments in health care and social services transfers, as promised.
Our Government continues to keep the economy as our top priority. When the global recession first hit, we took swift action to support economic growth and we continue to do so through actions such as freezing the Employment Insurance premium rate and reaching an agreement in principle for free trade with the European Union.
The impact of our Conservative Government’s actions is clear:
- Our economy has created over one million net new jobs since the depth of the recession, the best record among G7 countries;
- Our debt-to-GDP ratio is the lowest in the G7, and Canada has the lowest tax burden as a percentage of the economy in over 50 years;
- Canada is one of only a handful of countries with a AAA credit rating from all three major agencies, and;
- Since the depths of the recession, Canada’s business investment growth has been the strongest in the G7.
Our Conservative Government will continue to focus on the economy and help keep Canada on the right track for long-term prosperity.