(Ottawa) Against all odds, the federal government recorded a surplus of $ 1.9 billion in fiscal year 2014-2015, ending six years of deficits.
The Ministry of Finance announced Monday morning the final results of the last fiscal year. These results are well above the projections of the Harper government, which expected a deficit of two billion dollars during 2014-2015. In 2013-2014, Ottawa had recorded a deficit of $ 5.2 billion.
The publication of these data certainly will set the tone to trade earlier this seventh week of election campaign while a leaders’ debate which will focus solely on the economy to be held in Calgary on Thursday. The Conservative leader, Stephen Harper, NDP leader Thomas Mulcair and Liberal leader, Justin Trudeau, were invited to this debate.
The return to the black again in 2014-2015 also seems to continue in the first months of this fiscal year, despite the negative growth of the Canadian economy in the first two quarters of the year. Indeed, the federal government posted a surplus of five billion dollars in the first three months of the 2015-2016 fiscal year (April, May and June), according to calculations of the Ministry of Finance. The Ministry must publish the financial results for July to early next month, about two weeks before election day.
In a press release, the Conservative leader Stephen Harper was pleased to see that the federal government had finally returned to a balanced budget a year earlier than expected.
“The protection of our economy is our priority No.1. With the growing instability in the global economy, the economic action plan of our Conservative government works, creating new jobs and ensuring economic growth through low taxes and taxes and a balanced budget, “said Mr. Harper.
“The Liberals and NDP both promise to raise taxes for families, seniors and small businesses, which will hurt job creation and expose our economy to global instability. […] This is not the time for long-term deficits or tax increases. Only our Conservative government has a plan to protect Canada’s economy by ensuring that our budget remains balanced and reducing taxes to create new jobs and make life more affordable for Canadian families and seniors, “a- he added.
Since the beginning of the election campaign, the Justin Trudeau Liberals argue that the federal government is in deficit, given the weak growth of the Canadian economy. The Liberal leader promised to invest heavily in infrastructure over the next decade – $ 125 billion, 60 billion more – in order to revive growth. He said his plan would force Ottawa to record deficits bordering 10 billion over the next three years and that the return to a balanced budget would be reached only in 2019-2020.
The NDP, for its part, has formally committed to a balanced budget in the first year of his term if he wins the elections on 19 October.
While in Toronto on Monday, the Liberal leader Justin Trudeau argued that the publication of the results of the last fiscal year does not come messing up his plan to sustain growth.
“What we know is the extent to which Canadians need investment, economic growth and job creation. For 10 years, Mr. Harper could not create the jobs or growth that will help Canadians. Basically, it has the worst record in economic growth for 80 years, since the Great Depression of the 1930s So our plan is based on the assistance Canadians need. We know that this year we are in deficit. If Mr. Harper was able to create a lean surplus last year, it is because he chose to cut programs for our veterans, for our seniors in employment insurance in order to present a budget balanced in time for the elections, “he argued.