Balanced budgets by 2015 for most provinces
But not Ontario
KANANASKIS, ALTA: Every province but Ontario can expect to have balanced budgets by 2015, according to federal Finance Minister Jim Flaherty.
The Minister said some provinces could even be back on track before 2015. But in Ontario, a balanced budget is “a little bit further down the road.”
The province took one of the hardest hits during the recession, especially in the manufacturing and automotive sectors.
Flaherty made the announcement this week after meeting with provincial and territorial counterparts.
He said all the provinces agreed it was important to reduce deficits in the medium term.
“It’s good for Canada. It’s good for confidence by investors in this country. It’s good for business confidence,” he added.
Flaherty also confirmed the government will maintain the six-per-cent annual increase to health transfers and the three-per-cent increase to social transfers in 2011-2012.
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