Canada’s government to eliminate deficit by 2015
OTTAWA, Ontario (AP) — Canada’s Conservative government plans on entering an election next year with a surplus.
Finance Minister Jim Flaherty unveiled a federal budget on Tuesday that projects a $6.9 billion surplus in 2015. Prime Minister Stephen Harper, first elected in 2006, is expected to offer tax cuts during the election.
The 2014 budget leaves a $2.9-billion shortfall this year.
The government also says it is providing $500 million in financial aid over two years for Ontario’s auto sector. The cash injection comes as Chrysler contemplates a billion-dollar upgrade to its minivan plant in Windsor, Ontario. The automaker has been in talks about an incentive package that would help offset what it says are higher costs in Canada.
The government is also pushing off spending billions on defense.