Source: The Canadian Press

Most provinces should be back in the black by 2015, Finance Minister Jim Flaherty said Monday after meeting with his provincial and territorial counterparts.

“I think virtually all the governments would be balanced by 2015 –some earlier as a matter of fact,” Flaherty told reporters in Kananaskis, Alta.

The one exception is Ontario, for which a balanced budget is “a little bit further down the road,” Flaherty said.

“Ontario took some of the hardest hits during the recession, including of course in the manufacturing sector and the automotive sector.”

All the provinces agreed it was important to reduce deficits in the medium term, Flaherty said.

“It’s good for Canada. It’s good for confidence by investors in this country. It’s good for business confidence. it’s good for investment. So we’re all on the same track,” Flaherty said.

Flaherty confirmed Ottawa will maintain the six-per-cent annual increase to health transfers and the three-per-cent increase to social transfers in 2011-2012.