The Conference Board of Canada has released an update of its February 2004 report, Fiscal Prospects for the Federal and Provincial/Territorial Governments. The updated study incorporates all of this year’s federal and provincial budgets, as well as the most recent national economic outlook.
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The study projects the federal Public Accounts and the aggregate provincial/territorial Public Accounts to the year 2014-15.
The underlying assumptions in this update mirror those of the February 2004 report, with the exception that all annual federal surpluses greater than a contingency reserve of $3 billion are made available for new spending and tax reduction initiatives. The February 2004 report assumed that all federal government surpluses would be applied to reducing federal debt.
Please note the numbers quoted in this report are not up-to-date and should not be cited as reflecting the current fiscal prospects for the federal and provincial/territorial governments. The fiscal relationship between the levels of government has changed since the publication of this report in 2004.
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