HM Canadian Government is reporting a 40% lower deficit. Canada has the lowest debt to GDP ratio in the G 7. We need to reduce this deficit to zero, but this shows we are going in the right direction.
Canada Federal Deficit FY 2010-11 40% Below Year Before
By Courtney Tower
OTTAWA (MNI) - Canada Wednesday reported a federal deficit of C$33.4 billion (US$33.9 billion) for Fiscal Year 2010-2011, down by 40% from the $55.6 billion deficit in 2009-2010.
The department of finance in its annual financial report for the federal government said that, for the year ended last March 31, the federal debt-to-GDP ratio was 33.9%, down .01% from the year earlier and lowest of the G-7 countries.
Total government net debt-to-GDP was 30.4% for calendar 2010. Total government net debt includes the federal government and governments of the provinces, territories and municipalities.
Finance Minister Jim Flaherty, on the eve of departing for Paris to attend the G-20 meetings on risks to the global economy, said in an accompanying statement to the report that "we are making solid progress to our goal of returning to budget balance" in 2015. He said Canada was urging other countries to demonstrate similar fiscal discipline.