Archived - Canada Remains on Track to Balance Budget in 2015
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Minister of Finance reports smaller-than-expected deficit of $5.2 billion in 2013–14
October 6, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today released the Annual Financial Report of the Government of Canada for 2013–14. The report shows a sharp downward trend in the Government’s annual deficit, reflecting Canada’s improving economic position. In 2013–14, the deficit fell to $5.2 billion, a $10.7-billion improvement from the projection in Economic Action Plan 2014. The 2013–14 deficit is down by more than 90 per cent from the $55.6-billion deficit recorded in 2009–10.
Lower-than-expected direct program spending and higher-than-anticipated revenues yielded a narrower deficit than forecast in Economic Action Plan 2014. Direct program spending has now fallen for four years in a row—the first time since 1961–62, the earliest year for which records are available—reflecting the Government of Canada’s continued responsible spending of taxpayers’ dollars.
The Government remains on track to return to budgetary balance in 2015. A revised fiscal outlook will be provided in the fall Update of Economic and Fiscal Projections.
- Revenues totalled $271.7 billion in 2013–14, $7.7 billion more than forecast in Economic Action Plan 2014, representing an improvement of 2.9 per cent.
- Expenses totalled $276.8 billion in 2013–14, $3.0 billion less than forecast in Economic Action Plan 2014, representing a reduction in expenses of 1.1 per cent.
- The 2012–13 budgetary deficit has been restated to $18.4 billion from $18.9 billion to reflect two accounting changes made in 2013–14.
- To enhance the comparability of the forecast and actual results, the Economic Action Plan 2014 forecast of the 2013–14 budgetary deficit has also been restated, from $16.6 billion to $15.9 billion.
- While returning to surplus, major federal transfers to provinces and territories in support of key areas such as health care and social programs have grown by 55 per cent since 2005–06.
“Our Government’s unrelenting focus on jobs, growth and long-term prosperity is paying dividends for hard-working Canadians. Due to our responsible management of taxpayers’ dollars, we remain on track to balance the budget next fiscal year. When we do, we will offer tax relief to put more money back in the pockets of Canadian families.”
- Joe Oliver, Minister of Finance
- Annual Financial Report of the Government of Canada—Fiscal Year 2013–2014
- Fiscal Reference Tables—October 2014
- Backgrounder: Highlights From the Annual Financial Report for 2013–14
- Frequently Asked Questions About the Annual Financial Report
- Economic Action Plan 2014
Office of the Minister of Finance
Department of Finance