The Government of Canada has implemented a balanced budget which serves the purpose of supporting a diversified economy and advancing economic growth for the country. Following the 2008/2009 financial crisis, the Canadian government has been steadily moving towards a balanced budget with a $1.4 billion surplus in 2015-2016. Despite the move towards a balanced budget, the Business Council of BC is still preceding with caution due to the slow global growth currently exhibited, the drastically low oil prices and the overall weakness in other commodity markets. The cautious approach for the Canadian economic outlook has subsequently resulted in a significant decline in the nation's overall terms of trade. April 2015 saw a decline in Canadian exports of 0.7% in April and a 2.5% decline in its imports.
What Does a Balanced Budget Mean for Canadians?
» More tax cuts for hard-working families and less debt for future generations
» Taxpayer dollars are used to support the programs Canadians depend on - rather than paying interest costs
» Preserves Canada's low-tax plan and allows for further tax reductions, fostering growth and the creation of jobs for the benefit of all Canadians
» Strengthens the country's ability to response to longer-term challenges, such as unexpected global economic shocks
Source: Government of Canada
"Current indicators suggest the Canadian economy stalled in the first quarter of 2015, household debt is at an all-time high relative to income, and business investment remains very sluggish," notes Jock Finlayson, Executive Vice President and Chief Policy Officer, Business Council of British Columbia. "For 2015 as a whole, we expect Canada to post relatively feeble real GDP growth of under 2%, with some improvement likely in 2016, provided the US economy continues to gain momentum."
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