Rising oil prices trim debt forecast
Major spending cuts required unless expenditures are reduced and revenues increased
Government has committed to 97% of this year’s stimulus spending
Province does not expect balanced budget until at least 2014
Steep fall-off in income taxes, corporate taxes and GST receipts
Province plans to be back into a surplus position by 2012-2013
Temporary stimulus measures will end as planned by the end of next fiscal year
Structural deficit is growing
Corporate tax revenues down sharply
Issues relating to capital losses, dividends, income-splitting and registered plans round out groups’ recommendations