It has recently been revealed by Finance Minster Jim Flaherty that the budget deficit in Canada has been less than what had been forecast, being C$33.4 billion as recorded on the 31st March 2011. He further added that he might consider increasing the stimulus, if the rates of global recovery seem to slump again.
Finance Minister Jim Flaherty announced new rules Tuesday aimed at preventing homebuyers from getting into financial problems when mortgage rates rise.
"Today's measures are part of a larger picture. We will continue to closely monitor developments in the housing sector in Canada", said Flaherty at a news conference in Ottawa.
It has been reported that Canada's Finance Minister Jim Flaherty, faced with one of the largest federal deficits in history, is now looking to cut corners in every way that he can, and has said that he will now start looking for programs to cut and Government assets to sell, as soon as the economy shows definite signs of recovery.
The Canadian Conservative Party is presenting a deficit budget of $40 billion, which is the highest since 1993.
OTTAWA, Nov. 28 -- Canada's three opposition parties gave the minority Conservative government until Monday to rethink their economics or face a non-confidence vote.
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