Canadian Finance Minister Ralph Goodale hinted on Wednesday that tax cuts may be in the offing after the government announced a budget surplus five times higher than originally forecast.
The size of the surplus for the fiscal year ending March 2004 (C$9.1 billion) has caught all by surprise, not least Goodale, whose initial forecast in the March budget put the surplus at C$1.9 billion.
It seems that the sharply higher surplus has been fed by booming income and corporate tax receipts, which have grown in spite of some economic wobbles in the form of last year’s SARs outbreak and a 21% rise in the Canadian dollar versus its US counterpart.
Whilst all of the surplus money will be used to reduce federal debt, Goodale nonetheless indicated that the government will be looking for places “where we can reduce taxes” in the years ahead.
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