In an address to reporters in Ottawa on December 16, Canadian Minister for Finance, Jim Flaherty called on provincial governments to redouble efforts to balance their budgets in the medium term to establish greater national financial stability.
Noting debt problems in the Euro zone, he said that he had called on provincial authorities to consolidate their budgets to rein in their deficits in the medium term, by around 2015, he said.
“I hope that ministers will commit to seeking ways to accelerate ways to balance their budget plans,” Flaherty told reporters, stating further that “the earlier that [Canada rids itself of its deficits], the better.”
Ontario faces the largest challenge, according to Flaherty, its deficit amounting to 3.1% of Gross Domestic Product (GDP), marginally behind that of Ottawa, with a deficit amounting to 2.8% of GDP
.Tags: tax | business | budget | Canada | fiscal policy | tax reform | Canada
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