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Flaherty to Provide Update on Canada’s Finances Next Week

Canadian Finance Minister Jim Flaherty will release an update next week of his plan to bring the nation’s budget back to balance by 2015.

Flaherty will deliver the update Nov. 12 at about 2:45 p.m. New York time during an event in Edmonton, Alberta.

The nation’s budget deficit has narrowed more quickly than Flaherty forecast in his 2013 budget, delivered on March 21, primarily because of an unexpected drop in operating and capital spending.

Canada recorded a shortfall of C$18.9 billion ($18.1 billion) in the fiscal year that ended March 31, the Finance Department said on Oct. 22. That figure is C$7 billion less than Flaherty projected in the March budget, which also forecast a deficit of C$18.7 billion for the current fiscal year before swinging to a surplus in the 2015 fiscal year.

The government has promised legislation over the next two years to end budget deficits once it returns to balance.

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