Canada sees budget surplus in fiscal year 2015/16: Flaherty

Mon Nov 25, 2013 6:10pm EST
 
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OTTAWA (Reuters) - Canada will release figures in about 14 months showing a budget surplus for the 2015/16 fiscal year that starts in April 2015, Finance Minister Jim Flaherty said on Monday.

Flaherty pledged earlier this month to be running a small surplus as of 2015/16 but in remarks to the Senate Finance Committee, he said the budget would be in balance "in approximately 14 months," which suggested sooner than that.

He later clarified to reporters that he was referring to the likely date when the 2015 budget will be presented to Parliament.

"It depends on the date of the budget in 2015. That's all," he said, when asked to clarify his reference to 14 months.

"The budget will be balanced in the fiscal year 2015/16."

Flaherty's latest outlook shows that Canada would run a budget surplus of C$3.7 billion in the 2015-16 fiscal year.

"We will be balanced again in approximately 14 months, and we'll be in a position to run a surplus and make the policy decisions that are made then about what to do about the surplus," he said.

(Reporting by Randall Palmer and Louise Egan; Writing by David Ljunggren; Editing by Jan Paschal)

 
Canada's Minister of Finance Jim Flaherty talks to the media prior to holding pre-budget consultations with the business community in Toronto, November 7, 2013. REUTERS/Mark Blinch