Canadians think they're so smart, "ohh, look at us. We have
affordable health care and prescription drugs. We're awesome, we
have flu shots and a balanced budget AND a surplus. We're so smart we
even have a rainy day fund."
-----------------
Goodale projects $5.9B surplus this year
Last Updated Tue, 16 Nov 2004 21:54:39 EST
OTTAWA - Canada is on track to post a budget surplus of $5.9 billion
when the federal government's current fiscal year ends in March,
Finance Minister Ralph Goodale said Tuesday.
"Many other countries are still struggling with stubborn deficits and
escalating debt – including all of our partners in the G-7 group of
nations. All except Canada," Goodale told the House of Commons
standing committee on finance.
When Goodale presented his first budget in March, he originally
projected a surplus of $4 billion for the current fiscal year.
Canadians expecting some of the surplus to go toward lower taxes will
be disappointed, however. Prime Minister Paul Martin said tax cuts
won't be coming any time soon despite Ottawa's larger-than-expected
multibillion-dollar surplus.
Goodale said that budget figure does not include $3 billion set aside
for the government's contingency reserve and additional prudence.
He said the surplus expected this year includes $2.6 billion in net
proceeds from the sale of the government's stake in Petro-Canada,
lower debt charges due to lower interest rates in 2004, and the
release of $1 billion that had been set aside in the 2004 budget for
this year.
Looking ahead, Goodale said Ottawa expects future surpluses to be:
* $500 million in 2005-06.
* $900 million in 2006-07.
* $3.2 billion in 2007-08.
* $7.5 billion in 2008-09.
* $11.5 billion in 2009-10.
The finance minister said private-sector forecasts indicate Canada
will see stronger economic growth in both 2004 and 2005.
"On average, they expect growth of three per cent in 2004 – up from
the 2.7 per cent predicted at the time of the last budget. For next
year, 2005, they are forecasting that growth will reach 3.2 per cent,
close to the 3.3 per cent reported in Budget 2004," Goodale said.
However, he cautioned that the rising Canadian dollar, higher oil
prices and the U.S. fiscal deficit could put pressure on economic
performance.
In mid-October, Goodale said the government posted a $9.1-billion
surplus for its most recent fiscal year as a healthier-than-expected
economy and higher corporate taxes boosted government revenues.
When Goodale presented his first budget last March, he projected a
surplus of just $1.9 billion.
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