Canada Lowers Deficit Outlook Before Surplus in 2015-16

Canadian Finance Minister Jim Flaherty said the federal government will step up spending restraint, helping it swing to a larger-than-forecast surplus within two years.

The government will post a surplus of C$3.7 billion ($3.5 billion) in the year starting April 2015, up from the C$800 million projected in Flaherty’s March 21 fiscal plan, the Department of Finance said today.