Projections included in the 2011-12 federal budget brought down on March 22 by Minister of Finance Jim Flaherty indicate that the federal government will return to a surplus position by the 2015-16 fiscal year.
The projections indicate that the current federal deficit—$40.5 billion for the 2010-11 fiscal year ending March 31, 2011—will decline by about $10 billion per year, on the following schedule:
2011-12: -$29.6 billion
2012-13: -$19.4 billion
2013-14: -$9.5 billion
2104-15: -$0.3 billion
In 2015-16, the budget projections call for a surplus of $4.2 billion. The budget’s financial projections can be found in the Budget in Brief document on the Department of Finance Web site at http://www.budget.gc.ca/2011/glance-apercu/brief-bref-eng.html, while the complete Budget papers are available at http://www.budget.gc.ca/2011/home-accueil-eng.html.