Federal Budget Report 2014

February 11, 2014


  • Deficit of $16.6 billion for 2013-14
  • Projected deficit of $2.9 billion for 2014-15
  • Graduated rates on testamentary trusts and estates eliminated
  • Elimination of tax benefits for Immigration Trusts
  • Tax simplification measures introduced

On February 11, 2014, Finance Minister Jim Flaherty tabled the 2014 federal budget. The government continues to show restraint, and with the Winter Olympics well underway, major tax changes were not expected. The focus of today’s budget was setting the final path to balancing the books.

The federal government is now predicting a deficit for the 2013-14 fiscal year of $16.6 billion, which is down from the deficit of $18.7 billion predicted in last year’s budget. For the 2014-15 fiscal year, a small deficit of $2.9 billion is predicted and a budget surplus of $6.4 billion is projected for 2015-16.

Download our full budget report

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