Federal budget to be delayed until April in light of low oil prices: Oliver

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

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.

“The impact of lower oil prices on the Canadian economy is complex and creates both benefits and harm.”

Oliver points out there is no consensus on how low oil prices will fall or how long they will stay there.

The last federal budget was released in mid-February 2014, while the budget in 2013 came out that March.

Oil prices are hovering around US$45 a barrel — a steep drop from the US$100 oil was bringing in last summer.

Oliver is still promising a balanced budget with no tax increases and a focus on job creation.

Just Posted

Updated: Red Deer policeman denies telling woman she had a ‘nice body’

RCMP officer on trial for sexual assault while carrying a weapon and breach of trust

WATCH: Red Deer Pickleball Courts officially open

Pickeball players have a place to call home in Red Deer. The… Continue reading

Source of gasoline smell in north Red Deer still unknown

City staff continue to work with industrial company

Some central Alberta businesses pledge to pay youth $15 ahead of wage cut that kicks in Wednesday

Jo(e) Social Media Inc. and Kavaccino’s pledge to pay youth more than $13 an hour

Raptors president Ujiri addresses rare off-court issues during NBA title run

TORONTO — Even a championship can come with hiccups. Toronto Raptors president… Continue reading

Hayley Wickenheiser among six to enter Hockey Hall of Fame in 2019

Hayley Wickenheiser’s accolades have a hard time keeping up with her. The… Continue reading

Tributes to Michael Jackson flow on 10th death anniversary

LOS ANGELES — Michael Jackson’s estate paid tribute to his artistry and… Continue reading

Online shopping leads to mountains of boxes

As online shopping becomes ubiquitous, so do the boxes delivered to homes… Continue reading

Get tested for HIV on Thursday

Red Deer residents can take part in the second annual national HIV… Continue reading

Skinny Vancouver Whitecaps eager to pick up points on four-game road swing

VANCOUVER — The Vancouver Whitecaps know there’s work to be done as… Continue reading

World Cup exit shows Canada will miss the remarkable Christine Sinclair

PARIS — Christine Sinclair has put Canadian soccer on her shoulders for… Continue reading

Police release more than 1,000 files from Smollett probe

Chicago police on Monday released more than 1,000 files from the investigation… Continue reading

Most Read