On Tuesday Canadian economist and Parliamentary Budget Officer Kevin Page spoke at a Commons committee in Ottawa to discuss his latest fiscal projections and his findings are solumn and grounding, according to reports. Page’s independent analisys, which appears to be far more daunting than the forcasts outlined by the Bank of Canada and that of private government economists, says that Ottawa could be facing a $18.7 billion deficit by 2015. A report published by Advisor.ca says Page attributes the approaching high debt to an aging population. More spending on pensions and health care while tax revenues are reduced. Page continued, reportedy stating at this week’s Commons committee that his forcast may even look like wishful thinking if Europe’s debt problems are not resolved. Page suggests further spending cuts or revenue increases. Translation: Canadians should be prepared to part with more of their wealth. | Raymond Matt, CFP, CLU, TEP, CHS
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