Federal budget to be unveiled Thursday
Posted Mar 21, 2013 7:36 am.
This article is more than 5 years old.
OTTAWA – Federal Finance Minister Jim Flaherty is expected to shuffle government spending priorities without adding any new money later today as he delivers his eighth federal budget, Thursday.
The budget will be delivered at 4 p.m. EDT in the House of Commons.
In-depth coverage
Senior business editor Mike Eppel and Parliament Hill reporter Cormac MacSweeney are in Ottawa for the budget and will have in-depth analysis. Political affairs specialist John Stall will have his take on it as well.
A live stream of Finance Minister Jim Flaherty’s speech in the House of Commons will also be provided closer to time.
Live tweets
Tracking @FinanceCanada #EAP13 and #Cdnpoli
Budget preview
Canadians already have a pretty clear idea of what Flaherty has in store for Canadian taxpayers. This will be a balancing act — trying to help a stumbling economy while chopping down a deficit of an estimated $26-billion.
The government is aiming for balanced books by 2015, just in time for the next federal election.
There will be a slowdown in spending for some departments, with the Department of Defence bearing the brunt of around $3-billion worth of savings.
Flahery is also expected to go after tax loopholes, specifically money in offshore bank accounts. There will likely be more money for cities for infrastructure spending, possibly as much as $4 billion.
The finance minister has indicated Ottawa wants a greater say in how some $2.5- billion a year is spent on skills development. The money currently goes to the provinces but trial balloons have been floated that the Conservatives — with federal-provincial labour market agreements up for renewal — want a more hands-on federal approach.
Flaherty may also use about $400 million being shaved from a business tax credit program for scientific research and put the money toward a fund for innovative product development.
“To survive you need to be innovative,” Flaherty said as he tried on the traditional new budget shoes in Toronto on Wednesday.
