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Finance

Federal Budget 2016: Liberals project $30B deficit and do not plan a return to surplus by 2019

The new Liberal government delivered a sunny ways budget Tuesday brimming with optimism and billion-dollar spending increases spread across a wide spectrum of Canadian society.

But the bold effort to spur economic growth after almost a decade of fiscal restraint will add more than $100 billion to the federal debt over the next five years as Finance Minister Bill Morneau plunges Ottawa back into the red.

And like March sunshine in the frozen national capital, there's concern that Prime Minister Justin Trudeau's bright budget may not heat up the economy quite as much as the Liberals promised it would.

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O'Leary calls out Wynne in open letter

Hi Premier, just saw you are setting up a new $1.9 billion cap and trade fund that you and Finance Minister Charles Sousa will be overseeing. Congratulations, you two are now managing the largest hedge fund in Ontario's history!

I'm just as optimistic as you are. But I recently made a promise to every taxpayer in Canada that I would call out mediocrity, incompetence and risk in government economic and fiscal policy, so I feel the need to verify a few things...

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Ontario living high on the hog courtesy Ottawa, Fraser report says

A new Fraser Institute report reveals how Ontario has been living large off the largess of the federal government for a decade.

Contrary to complaints from the provincial Liberal government that it got the fuzzy end of the federal fiscal lollipop, the report shows transfers have grown well beyond the rate needed to cover inflation and population increases.

The whining has died down now that a Liberal government has replaced the Stephen Harper Conservatives in Ottawa.

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Ontario's debt likely more than $300 billion in Thursday's budget - ninth in a row awash in red ink

Ontario's Liberal government will outline a plan to eliminate its deficit and stem the growth of its massive debt in Thursday's provincial budget, the ninth in a row to be awash in red ink.

Low oil prices and a weaker loonie have helped Ontario lead the country in economic growth, but the province has the largest debt of any sub-national government in the world.

Premier Kathleen Wynne insists the $7.5-billion deficit will be eliminated by 2017-18 as promised, something credit rating agencies will be watching very closely.

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Canadian debt load is a moral issue

It's time governments across the country reduced their debt loads, if only because the interest costs are better spent elsewhere.

The latest release from the Fraser Institute reveals all governments across Canada - federal, provincial and local - spent an estimated $60.8 billion in interest payments on debt in the last fiscal year.

That's right, you read that correctly. Tens of billions in interest payments alone, without paying down a penny of the principal!

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