Canada PoliticsFinance Minister Jim Flaherty to table federal budget on March 21st
Finance minister Jim Flaherty announced today that he will table the 2013 federal budget on March 21st.
"In the face of a fragile global economy, the Harper Government is preparing for the upcoming budget with a focus on supporting economic growth and job creation and returning to balanced budgets by 2015," Flaherty said in a statement.
"As always, our Government’s top priority is jobs, growth and long-term prosperity."
In November, Flaherty predicted the 2013-14 deficit would be about $16 billion.
[ Related: Economic Action Plan ads cost taxpayers $21 million ]
For Mr. Flaherty: Here is a two-pronged approach to battle future deficits and help us to start chipping away at our massive national debt.
The first prong — put forward by the Toronto Star editorial board — is a no-brainer and could potentially generate billions of dollars in government revenues every year.
The idea is an oldie but a goodie: Let's crack-down on tax dodgers.
Canadians for Tax Fairness, a group that campaigns for sharing the burden equitably, estimates that affluent Canadians have pumped $160 billion into offshore havens, avoiding nearly $8 billion in taxes annually.
Pressed on the issue, Flaherty concedes that some Canadians aren’t paying “their fair share,” and that Ottawa is “looking at that side of it” with an eye to cracking down on loopholes. Let’s hope so. As Downe says, CRA is quick to track down carpenters and waitresses for not paying taxes. We need to see the same sort of zeal applied to the wealthy, as well.
The second deficit slaying solution is more for the provinces and a lot more controversial.
The Fraser Institute released a report, on Thursday, suggesting that if Canada works towards becoming an energy superpower — of gas, natural gas, electricity and uranium — it would be a tremendous boon.
"[Today] in total, the Canada’s energy resource producers contribute at least $19 billion to Canadian governments each year in the form of royalties, lease payments, and fees," notes the report.
"Going forward these payments can be expected to increase as petroleum and uranium production increase and new hydroelectric facilities are built. Especially noteworthy is that growth in oil-sands bitumen production alone could be contributing an additional $45.5 billion per year in royalties to the Alberta government by 2033."
That's only the provincial benefits from royalties. 70 per cent of the tax revenues generated from the oil sands go to federal coffers.
[ More Political Points: Yahoo! Exclusive: A Liberal-NDP alliance is inevitable, Stockwell Day predicts ]
The study claims that Canada has the potential to become the world's third largest oil producer and a leading exporter of uranium and electricity.
Do Canadians want the country become an energy superpower?
That's the multi-billion dollar question.
(Photo courtesy of the Canadian Press)
Are you a politics junkie?
Follow @politicalpoints on Twitter!
