New Canadian Budget Officialy Revealed
By Elli Davis, March 5, 2010
Budget for this year ought to cut the record high deficit
by G. Clement
The new Canadian budget was officially revealed yesterday by our Finance Minister Jim Flaherty. The budget, as he claims, takes into consideration the currently still “fragile recovery” and many weakness of economies all around the world.
Our budget for this year ought to cut the record high deficit. Thus the government expects the deficit in 2010/2011 to be lower, 49.2 billion dollars. That is not very low either, is it? However, by 2014/2015 the predicted shortfall will be only $1.8 billion thanks to limited spending of defense, government operations and international aid.
The aims of the budget are, among others, to improve Canada's international taxation system, make our country a tariff free zone for industrial manufacturers and support mining. Money will also be invested into fish and seafood industry so that our access to the international market will be better.
According to Flaherty, “this is the smallest new spending budget in over 10 years in Canada, I like it – it is what we needed to do.” Sounds nice, even though the budget does not really fulfill Toronto's requests. And we need to wait some time to actually see the effects – if the expectations will actually come true
Budget Deficit Narrowed
Canada’s Budget Deficit
Narrowing Budget Deficit
New Ontario Budget
Canada 2010 Budget
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