· Deficit of $9.8 billion projected for 2012‑13
· Deficit of $11.7 billion forecast for 2013‑14
· Continued plan to balance budget by 2017-18
· EHT exemption changes
· Tax rate on ineligible dividends to increase
On May 2, 2013, the Honourable Charles Sousa presented his first budget as Minister of Finance. With the Conservatives vowing to vote against the budget, the minority Liberal government has considered certain demands of the NDP when putting together today’s budget in order to gain their support and avoid an election.
The focus of today’s budget is the elimination of the deficit by 2017-18 in order to grow the economy and create jobs. The deficit reported for 2012-13 is $9.8 billion which has decreased from the $15.2 billion deficit that was forecast last year. The decrease is due in part to reductions in program spending, and in particular, pension expenses. A deficit of $11.7 billion is forecast for 2013-14 and the outlook for 2014-15 is $10.1 billion.