Federal budge: delayed until April thanks to low oil prices

Federal budge: delayed until April thanks to low oil prices

Postby Oscar » Sun Jan 18, 2015 8:01 am

Federal budget to be delayed until April thanks to low oil prices: Oliver

[ http://business.financialpost.com/2015/ ... til-april/ ]

Canadian Press | January 15, 2015 | Last Updated: Jan 15 2:17 PM ET

Sean Kilpatrick/The Canadian Press

Finance Minister Joe Oliver says in prepared remarks to a Calgary business crowd that the government needs all the information it can get before finalizing its fiscal plan for the coming year.

CALGARY — Canada’s finance minister says he will delay tabling a budget until April because of economic uncertainty caused by tumbling oil prices.

Joe Oliver says in prepared remarks to a Calgary business crowd that the government needs to consider everything it is hearing in pre-consultation talks before finalizing its fiscal plan for the coming year.

“Given the current market instability, I will not bring forward our budget earlier than April,” Oliver says in text prepared for a speech to the Calgary Chamber of Commerce.

“We need all the information we can obtain before finalizing our decisions.”

He says while low oil prices benefit consumers at the pump, they hurt the bottom line of oil companies, which leads to decreased investment and less employment. He says that in turn reduces tax revenue both provincially and federally.

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