Tag: Jim Flaherty

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Canada’s Plan To Balance Its Budget By 2015

Last week Canada’s Finance Minister, Jim Flaherty, spent $138.98 on a new pair of black dress shoes.

Why? Because he was announcing a new budget.

Flaherty is in charge of presenting Canada’s budget, which is why he bought the new shoes.

It’s a tradition in Canada that the Finance Minister wears new shoes to present the budget.

According to Wikipedia no one really knows why, but it’s something most Canadian Finance Ministers have done since the 1960s. It’s a tradition.

This year, the federal government structured its budget to reduce Canada’s annual deficit to zero by 2015.

A deficit happens when a government spends more than it collects in a year.