Once the euphoria of the Alberta NDP’s historic election victory subsides, Premier-elect Notley and her leadership team will have to make a fundamental decision about the fiscal-policy path the new government will pursue. This decision will shape the immediate and future prosperity of Albertans.
government spending
In a recent column in the Edmonton Journal, a local historian mused that modern governments have become too enamoured with “the unfettered market of purely economic conservatism.” He then equated higher taxes and more government spending with compassion.
As expected, the 2015 federal budget had the general feel of an election budget, with a small surplus and a smattering of initiatives to satisfy various voting groups.
Imagine you’re near what you thought was a dormant volcano but it suddenly erupts. Assuming you escape, you might later reflect that there was nothing “sudden” about it.
Ontario’s 2015 budget, like those of years past, needed a concrete plan to get government finances on a sound footing. Yet again, the budget failed to deliver.
In a year when two heavyweight provinces, Ontario and Alberta, which together constitute 55 per cent of Canada’s GDP, are running substantial deficits, there are three ways to reduce the red ink.
With tax season at hand, here’s a useful tip for any tax-weary Canadian. When some people refer to income or other money not taxed as a “loss” to government, remember that they may merely be using technical language. In contrast, others really do lament any reduction or “omission” in possible taxes that flow to governments.
Amid a gathering fiscal storm, the Ontario government will soon table its budget for the coming fiscal year and beyond. There’s a lot riding on getting things right.