With a federal election on the horizon this year, Finance Minister Joe Oliver is promising a balanced budget when the Conservative government presents its fiscal plan on April 21.
Oliver says the budget will focus on benefits and job growth, with no big spending programs or tax hikes. Any budget surplus will go toward paying debts and providing a financial buffer in the event of a financial crisis, he said.
鈥淎 government must live within its means,鈥� at the Canada Goose factory in Toronto on Thursday.
Oliver said the government has created 1.2 million net new jobs "since the depths of the recession" and cut the unemployment rate to its lowest in six-and-a-half years.
The announcement comes just days after the March 31 end of the fiscal year, and weeks ahead of the April 30 tax return deadline.
Earlier this year, Oliver had asked to push the budget to April so his staff could measure the impact of falling oil prices on Canada鈥檚 economy.
鈥淲e needed the time to obtain as much information as possible,鈥� Oliver said, adding that he now has enough to make 鈥渋nformed decisions鈥� that won鈥檛 put future generations in debt.
This will be the last budget ahead of the election slated for October 19 of this year, though Canadians could be called to polls before then.
Christine Van Geyn, Ontario Director of the Canadian Taxpayers Federation, welcomed Oliver鈥檚 announcement.
鈥淎 balanced budget means the Canadian economy is stronger,鈥� on Thursday.
Van Geyn praised the Conservatives for following through on their balanced budget promises, and for holding to their pledge to introduce income-splitting tax breaks for families.
However, she did express concern over recent news that the Tories have earmarked $7.5 million to promote their new budget. Van Geyn called that money 鈥減artisan election spending鈥� that she would rather see used on tax breaks for Canadians.
Oliver lashed out at the Liberals and the NDP in his announcement, calling them 鈥渢ax-and-spend鈥� parties with fiscal plans that are 鈥渇ar from complete or coherent.鈥�
