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Carney Says Ottawa Will Balance Operating Budget a Year Early
Federal revenues rose 10% in the spring, and officials said higher oil prices and stronger tax receipts helped offset new spending commitments.
- Prime Minister Mark Carney announced last week the federal government is on track to balance its operating budget a year ahead of schedule, hitting the milestone next year instead of fiscal 2028.
- Stronger tax revenues, which rose 10 per cent year-over-year in the spring, helped drive the improvement. Finance Minister Francois-Philippe Champagne's office cited fiscal prudence and spending efficiency as key drivers.
- At the Canada Investment Summit, the Liberals unveiled the 'productivity mega-deduction,' a new tax measure designed to boost capital spending. The deduction is expected to cost $36 billion over five years.
- Economists like Randall Bartlett argue the government's definitions for capital and operating expenses are overly broad. Bartlett contends this spending should be classified as program spending within the operating budget.
- Sahir Khan, executive vice-president at the University of Ottawa's Institute for Fiscal Studies and Democracy, said borrowing for capital investments "is going to take time" for returns. Trade uncertainty and tariffs may limit overall economic benefits.
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27 Articles
27 Articles
The Toronto Star+6 Reposted by 6 other sources
Ottawa’s summer spending flurry offset by stronger GDP, oil revenues
OTTAWA - The federal government likely finds itself in a better fiscal position as it heads into the fall session of Parliament this week, thanks in no small part to
·Toronto, Canada
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Winnipeg Free Press+18 Reposted by 18 other sources
Ottawa's summer spending flurry offset by stronger GDP, oil revenues
OTTAWA - The federal government likely finds itself in a better fiscal position as it heads into the fall session of Parliament this week, thanks in no small part to some rosier economic results.
·Winnipeg, Canada
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Total News Sources27
Leaning Left16Leaning Right0Center8Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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