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Canada Sees Budget Surplus Despite Tax Cuts, Low Oil Prices

Posted November 13, 2014

Under Economic Issues

(Solarina Ho – Reuters)

Canada will emerge from seven years of budget deficits that followed the 2008 financial crisis and show a C$1.9 billion ($1.7 billion) surplus next year, despite lower oil prices and a package of previously announced tax cuts.

Finance Minister Joe Oliver announced the projections on Wednesday in the fall update of the February budget, as parties stake out positions ahead of an election next October. The update showed surpluses rising to C$13.1 billion by the year ending in March 2020. The government is expecting a C$2.9 billion deficit for this fiscal year. Read more here.