The 2014 Federal Budget

Finance Minister Jim Flaherty says it’s important to balance the books. Canada can weather future economic storms. The government tabled its budget or Canadia Federal Budget, which is chock-full of low-cost promises.

Revenues:

  • Income tax revenues: $137.8 billion
  • Corporate Income tax revenues: $37 billion
  • Non-resident income tax: $5.7 billion
  • Goods and Services Tax: $31.3 billion
  • Customs import duties: $4.4 billion
  • Other excises taxes and duties: $11.3 billion
  • Employment Insurance premium revenues: $22.7 billion

Transfers:

  • Elderly benefits: $43.8 billion
  • Employment Insurance benefits: $17.7 billion
  • Children’s benefits: $13.2 billion

Major transfers to other levels of government

  • Support for health and other social programs: $44.7 billion
  • Fiscal arrangements: $19.4 billion
  • Cities and communities: $2 billion
  • Other: $200 million
  • Other transfer payments: $113 billion
  • Public Debt charges: $29 billion
  • Total revenues: $276.3 billion
  • Total expenses: $279.2 billion
  • Shortfall-Deficit: $2.9 billion

Balancing the budget:

  • Projected deficit 2014-2015: $2.9 billion
  • Projected surplus 2015-2016: $6.4 billion
  • Projected surplus 2016-2017: $8.1 billion
  • Projected surplus 2017-2018: $8.1 billion
  • Projected surplus 2018-2019: $10.3 billion

Total projected surplus over next 5 years: $30 billion