Provinces and territories across Canada are feeling the drain of a global economic crisis:
Nova Scotia: The province's first NDP government projects a $592-million deficit for this fiscal year, the first time Nova Scotia will fall into the red in eight years. But for the most part, the province's $9.1-billion budget is the same as one introduced in May by the previous Conservative government.
Newfoundland and Labrador: Forecasts a $750-million deficit for 2009-10, a heavy drop from the $2.4-billion surplus recorded last year. The plunge is largely due to lower oil prices, but Finance Minister Jerome Kennedy is also blaming revenue cuts from Ottawa.
New Brunswick: Projects a $741-million deficit and 700 jobs cut from the civil service in a budget presented in the spring, but it is now planning an early budget for 2010-11 to be presented on Dec. 1 because of the state of the economy.
Prince Edward Island: Predicts an $85.3-million deficit and an increase in the net debt to $1.6 billion by next year. No job cuts to the civil service.
Quebec: Foresees four consecutive deficits, starting with $3.9 billion in 2009-10. There will be a provincial sales tax increase of one per cent on Jan. 1, 2011.
Ontario: Plans to run a $56.8-billion deficit over seven years. A harmonized 13 per cent sales tax beginning July 1, 2010, will raise costs on a myriad of goods and services. Spending of $32.5 billion on infrastructure over two years to try to sustain 300,000 jobs.
Manitoba: Tabled a $12.7-billion budget with a $48-million surplus, but the government had to dip into its rainy-day fund. Trying to stave off shrinking economic growth by increasing tobacco taxes and user fees to pay for $226 million in new spending.
Saskatchewan: Projects a $424.5-million surplus, while delivering cuts to property taxes and $1 billion in spending for roads, hospitals and schools.
Alberta: Anticipating a $4.7-billion deficit - the largest in the province's history. Flagging energy prices have gutted the bottom line. If revenues don't rebound, the province will have to raise $2.2 billion by cutting spending, increasing taxes, or both.
British Columbia: Budget includes a $2.8 billion shortfall for the fiscal year 2009, a B.C. record that tops the $2.6 billion deficit in 2002. In an initial budget tabled in February before a provincial election, the Liberal government forecast a deficit of $495 million before revising the predicted shortfall on Sept. 1.
Yukon: Record $1-billion budget projects a surplus of $19 million.
Northwest Territories: Forecasts an $81-million deficit on a budget of $1.3 billion. Resource companies hard-pressed to operate or expand in the North. Prices for polished diamonds are down 15 per cent, resulting in shutdowns and layoffs.
Nunavut: Total revenue is up five per cent to $1.25 billion, but $29-million shortfall predicted. Spending increasing still increasing on education, housing, health and social services to try to address chronic social issues.
Federal: Finance Minister Jim Flaherty recently admitted deficit expected to balloon to more than $50 billion - much more than the $34 billion he predicted in the budget four months ago.
A quicklist of provincial and federal finances
-
Published on
September 24, 2009
- Published on June 30, 2010
-
The Canadian Press ~ The News
- Rate
- Top of the page
Comments
-
- Taxpayer
- - July 2, 2010 at 15:05:18
Wait what I must have missed something. What was it that the Premier gave away?
-
- Rob
- - July 2, 2010 at 15:02:20
I have to laugh at all the half-wits on here. No matter what the provincial gov't does the people on here have a problem with it. Disagreeing is one thing, but this is ridiculous.
Common sense appears to be in short supply.
I think the telegram should require a basic intelligence test before people are permitted to post on here.
Public opinion is great, but try and keep it informed. -
- Wait...
- - July 2, 2010 at 14:49:25
Newfoundland and Labrador: Forecasts a $750-million deficit for 2009-10, a heavy drop from the $2.4-billion surplus recorded last year.
Thanks for nothing Flipper Williams. Keep on giving it all away. Have not for sure with your way of doing business. -
- Jack
- - July 2, 2010 at 14:49:22
Newfoundland and Labrador's budget deficit figures are definitely way off given that crude oil futures have been above $60.00 per barrel as of late.
Keep in mind their deficit projections were based on crude oil futures between $40.00 and $60.00 per barrel.
Therefore, their deficit could be much lower than expected, and don't be surprised if we end up with a budget surplus due to higher than expected crude oil futures. -
- Wait...
- - July 2, 2010 at 14:48:22
Taxpayer from NL writes: Wait what I must have missed something. What was it that the Premier gave away?
How's about we start with this......
The $2.4-billion surplus recorded last year.
If you think he invested it, then where is the ROI? Not in our pockets or Health Care now is it! -
- Clyde
- - July 2, 2010 at 14:45:22
Wow, what an opportunity lost. It may have only been a $749,500,000 deficit if they hadn't given that generous donation to poor old cash-starved Rolls Royce. I mean, the Royce only had a billion and a half worth of profits last year. How could they possibly manage with Danny's tidy little gift. Good thing we don't have a health care crisis or anything to deal. What would we do?
-
- Taxpayer
- - July 1, 2010 at 21:55:18
Wait what I must have missed something. What was it that the Premier gave away?
-
- Rob
- - July 1, 2010 at 21:51:13
I have to laugh at all the half-wits on here. No matter what the provincial gov't does the people on here have a problem with it. Disagreeing is one thing, but this is ridiculous.
Common sense appears to be in short supply.
I think the telegram should require a basic intelligence test before people are permitted to post on here.
Public opinion is great, but try and keep it informed. -
- Wait...
- - July 1, 2010 at 21:31:25
Newfoundland and Labrador: Forecasts a $750-million deficit for 2009-10, a heavy drop from the $2.4-billion surplus recorded last year.
Thanks for nothing Flipper Williams. Keep on giving it all away. Have not for sure with your way of doing business. -
- Jack
- - July 1, 2010 at 21:31:20
Newfoundland and Labrador's budget deficit figures are definitely way off given that crude oil futures have been above $60.00 per barrel as of late.
Keep in mind their deficit projections were based on crude oil futures between $40.00 and $60.00 per barrel.
Therefore, their deficit could be much lower than expected, and don't be surprised if we end up with a budget surplus due to higher than expected crude oil futures. -
- Wait...
- - July 1, 2010 at 21:29:41
Taxpayer from NL writes: Wait what I must have missed something. What was it that the Premier gave away?
How's about we start with this......
The $2.4-billion surplus recorded last year.
If you think he invested it, then where is the ROI? Not in our pockets or Health Care now is it! -
- Clyde
- - July 1, 2010 at 21:24:50
Wow, what an opportunity lost. It may have only been a $749,500,000 deficit if they hadn't given that generous donation to poor old cash-starved Rolls Royce. I mean, the Royce only had a billion and a half worth of profits last year. How could they possibly manage with Danny's tidy little gift. Good thing we don't have a health care crisis or anything to deal. What would we do?
.jpg){kind=small}
.jpg){kind=small}
.jpg){kind=small}
