BUDGET IN BRIEF

   "There are times in the progress of a people when
  fundamental challenges must be faced, fundamental choices
  made - a new course charted. For Canada, this is one of those
  times.
  
   Our resolve, our values, our very way of life as Canadians
  are being tested. The choice is clear.
  
   We can take the path - too well-trodden - of
  minimal change, of least resistance, of leadership
  lost. Or we can set out on a new road of fundamental reform,
  of renewal - of hope restored.
  
   Today, we have made our choice. Today, we take action."
  
 
 
The Honourable Paul Martin, P.C., M.P.
Minister of Finance
February 27, 1995

OPPORTUNITY AND CHALLENGE

   "This is a window of extraordinary opportunity. Thanks
  to the honest hard work of millions upon millions of
  Canadians, our economy is now stronger than it has been for
  years."
  
Canada is enjoying a period of strong economic growth and job
creation.

  In the past year, 433,000 jobs have been created.

  In 1994, our economic growth was the highest of any G-7
country.

  Productivity has surged. Canadas cost competitiveness is at
its highest level in more than 40 years.

  Our trade surplus is up. Canadas exports have never been
higher.

  Business confidence is greater than at any time since 1979.

   "However, there are two clouds that loom over our countrys
  horizon. One is the uncertainty that some would create over
  the future of Quebec. The second cloud is the debt and
  deficit. Dealing with that challenge is our purpose today."
  
The underlying deficit for this fiscal year, 1994-95, will be
$35.3 billion - down $6.7 billion from last year - and $4.4
billion below the target set out in last years budget. Even with
certain one-time restructuring charges related to major reforms
contained in the budget, the 1994-95 deficit will be under
$38 billion - or about $1.8 billion below the $39.7 billion
target.

  However, higher than expected interest rates will mean
billions of dollars in new debt charges which threaten future
deficit targets.

  Based on very prudent economic assumptions and including large
contingency reserves, direct action is needed to avoid a
$5.0 billion shortfall from the 1995-96 deficit target of
$32.7 billion - and a $10.6 billion shortfall from the 1996-97
target of 3 per cent of GDP (Gross Domestic Product - the overall
size of the economy).


Comparison of the economic assumptions
with private sector forecasts
______________________________________________________________

                                          1995           1996
______________________________________________________________
Real output growth (%)
  Budget                                   3.8            2.5
  Private sector average                   3.9            2.9

Nominal GDP ($ billions)
  Budget                                   787            821
  Private sector average                   787            827

91-day Treasury bill rate (%)
  Budget                                   8.5            7.5
  Private sector average                   7.8            6.9

10-year government bond rate (%)
  Budget                                   9.7            9.0
  Private sector average                   9.0            8.4
______________________________________________________________


PRINCIPLES OF THE BUDGET


   "Canadians want their government to spend money and secure
  savings in ways that make sense, that reflect their values.
  To do that, it is essential that our effort be guided
  by clear principles."
  
- Government must get its own house in order first and focus on
cutting spending - not raising taxes.

- The priorities of the country must reflect the needs of the
people. Canadians need an economic plan which promotes jobs and
growth.

- The third principle is frugality - every dollar counts.

- Finally, we must be fair - among regions and among individual
Canadians.

SECURING THE DEFICIT TARGETS

   "We have said from the beginning that we would meet our
  targets - come what may. Therefore, those gaps must be
  closed. With this budget we are closing them."
  
   "We have always said that our 3-per-cent interim target was
  a station on the way, not our ultimate destination. Interim
  means interim."
  
The budget closes the gaps and meets the targets. It achieves
cumulative savings of $15.6 billion over the two fiscal years,
1995-96 and 1996-97.

  In 1997-98, the measures in the budget will continue to pay
off, with further savings of $13.3 billion.

  The budget delivers cumulative savings of $29 billion over
three fiscal years. This is the largest set of actions in any
Canadian budget since postwar demobilization.

  The savings come primarily from $25.3 billion of cumulative
spending reductions - nearly $7 of spending cuts for every $1 of
new tax revenue.

  There will be a reduction in program spending from
$120 billion in 1993-94 to under $108 billion by 1996-97.

  The budgets of government departments are being reduced
dramatically, in several cases halved over the next three years.

  The budget proposes a small number of tax measures to increase
fairness and tighten the tax system and  to help meet deficit
targets. Personal income tax rates are not being raised.


Impact of budget measures
______________________________________________________________

                                                       3-year[1]
                           1995-96  1996-97  1997-98   impact
______________________________________________________________

                                     (billions of dollars)

Expenditure reductions
  Program review               3.9      5.9      7.2     16.9
  Other                        0.2      3.5      4.7      8.4
                  ____________________________________________

  Total                        4.1      9.3     11.9     25.3

Revenue measures
  Increase fairness and
   tighten tax system          0.1      0.4      0.6      1.1
  Tax increases                0.9      0.9      0.8      2.6
                  ____________________________________________

  Total                        0.9      1.3      1.4      3.7
                  ____________________________________________

Total direct impact of
fiscal actions                 5.0     10.6     13.3     29.0

Ratio of expenditure reductions/
  tax revenue increases      4.4:1    7.3:1    8.3:1    6.9:1
______________________________________________________________

[1] Three-year cumulative impact of deficit reductions shows the
reduction in net debt, by the end of the 1997-98 fiscal year,
arising from fiscal actions.

Numbers may not add due to rounding.
___________________________________________________________________________

IMPLICATIONS OF BUDGET MEASURES

   "We will continue to set firm, short-term deficit goals -
  rolling two-year targets, until the deficit is erased."
  
   "We seek not only to attack the deficit. We are
  also committed to putting Canadas debt ratio on
  a permanent downward track."
  
Actions taken in the budget will bring the 1995-96 deficit down
to $32.7 billion and the 1996-97 deficit to $24.3 billion -
meeting the 3-per-cent target under very prudent economic
assumptions.

  The financial requirements - a measure of what the government
must borrow on debt markets - will decline sharply from
$29.8 billion in 1993-94 to $13.7 billion in 1996-97. This
represents 1.7 per cent of the GDP, the lowest borrowing
requirement since 1973-74.

  Using this measure, Canada is projected to do better in
1996-97 than the national government of any other G-7 country.

  As a share of GDP, program spending will fall rapidly reaching
13.1 per cent in 1996-97 - the lowest ratio since 1950-51.

  By 1996-97, the Canadian economy will finally be growing
faster than the debt, and the debt-to-GDP ratio will begin to
decline. The ratio will continue to fall after that in response
to the permanent spending reductions in the budget.

  The deficit could turn out better than forecast.

  A substantial contingency reserve has been included -
$2.5 billion in 1995-96 and $3 billion in 1996-97. If it isnt
needed to protect the fiscal position, it will not be spent. It
will go to reducing the deficit even further.

  If the economy performs as private sector forecasters expect,
then the deficit could be below $19 billion in 1996-97 - $5.5
billion below the budget forecast. This would mean a decline in
the current 1994-95 debt-to-GDP ratio of 73.2 per cent to under
72 per cent in 1996-97.
__________________________________________________________________________

Summary statement of transactions:
Fiscal outlook with budget measures
______________________________________________________________

                           1993-94  1994-95  1995-96  1996-97
______________________________________________________________

                                     (billions of dollars)

Budgetary transactions
  Budgetary revenues         116.0    125.0    133.2    137.4
  Program spending          -120.0   -118.3   -114.0   -107.9
                  ____________________________________________

  Operating balance           -4.0      6.7     19.2     29.4

  Public debt charges        -38.0    -42.0    -49.5    -50.7
                  ____________________________________________

  Underlying deficit         -42.0    -35.3    -30.2    -21.3
  Restructuring charges                -2.6
  Contingency reserve                           -2.5     -3.0
                  ____________________________________________

  Deficit                    -42.0    -37.9    -32.7    -24.3

Non-budgetary transactions    12.2     11.9      7.8     10.6

Financial requirements       -29.8    -26.0    -24.9    -13.7
 (excl. foreign exchange
 transactions)

Net public debt              508.2    546.1    578.8    603.1

Gross domestic product       711.7    746.4    787.1    821.3

Percentage of GDP
  Budgetary revenues          16.3     16.7     16.9     16.7
  Program spending[1]         16.9     16.2     14.5     13.1
  Public debt charges          5.3      5.6      6.3      6.2
  Deficit                     -5.9     -5.1     -4.2     -3.0
  Financial requirements      -4.2     -3.5     -3.2     -1.7
  Net public debt             71.4     73.2     73.5     73.4
______________________________________________________________

[1] Includes restructuring charges.

Notes: (-) indicates a net requirement for funds.
       (+) indicates a source of funds.

       Numbers may not add due to rounding.
__________________________________________________________________________
    
PLAN FOR ACTION

   "Durable fiscal progress, building towards budget balance --
  that can only happen if we redesign the very role and
  structure of government itself."
  
   "If we secure that reform, it will continue to pay off --
  to live on -- in 1997-98 and every year thereafter."
  
The primary objective of the government is to sustain growth and
job creation. That can only be achieved in a healthy fiscal
environment. The budget is aimed not only at creating such an
environment, but also at changing the way government operates.

  The budget fundamentally reforms what government does and how
it does it.

  In many cases, that means smaller government. In all cases it
means smarter government.

  To that end, the following actions will be taken as a result
of the budget:

- reform of government programs and procedures to eliminate waste
and abuse and ensure value for Canadian taxpayers;

- delivery of a new vision of the federal governments role in
the economy that includes substantial reductions in business
subsidies;

- setting parameters within which labour market programs will be
redesigned to put Canadians back to work;

- reform of the major federal transfers to the provinces (other
than Equalization) to better reflect responsibilities and fiscal
requirements; and

- a small number of tax measures that remove preferences,
increase fairness and ensure deficit targets are met.

GETTING GOVERNMENT RIGHT

   "If our purpose is to get the economy right -- and it is --
  then the best thing we can do is to get the government right
  -- and this budget does."
  
Program Review

Program Review was a year-long, top-to-bottom review of all
departmental programs, covering about $52 billion in spending.

  Its main objective was to review all categories of federal
government spending - except certain statutory programs such as
Unemployment Insurance, Old Age Security and major transfers to
the provinces - in order to bring about the most effective and
cost-efficient way of delivering programs and services to
Canadians.

  The actions resulting from this review will substantially
reduce expenditures over the next three years - $3.9 billion in
1995-96, $5.9 billion in 1996-97 and $7.2 billion in 1997-98. By
1997-98, spending subject to the Program Review will have
declined almost 19 per cent relative to 1994-95.

  Spending levels will be halved in some departments. The
federal public service including defence is expected to decline
by about 45,000 or 14 per cent by the time the actions in this
budget are fully implemented.

Chart: Changes in federal departments spending 1997-98 relative to 1994-95
(See ch01e.gif)

Highlights of Program Review

Some programs will be eliminated or substantially reduced:

- transportation subsidies under the Western Grain Transportation
Act, the Atlantic Region Freight Assistance Act and the Maritime
Freight Rates Act will be terminated;

- dairy subsidies will be reduced by 30 per cent over the next
two years; and

- total spending on business subsidies will decline from
$3.8 billion in 1994-95 to $1.5 billion by 1997-98 - by close to
60 per cent over the next three years.

 
 Some programs will be redesigned or consolidated to become more
efficient and cost-effective including:

- Regional Development - agencies will play new roles focusing on
the needs of small- and medium-sized businesses;

- Canada Coast Guard and the Department of Fisheries and Oceans
fleets will be integrated; and

- Departments of Health, Agriculture and Agri-Food, Fisheries and
Oceans, and Industry will work together on measures to improve
the food inspection system.

 
 Some program activities will be devolved to other levels
of government:

- authorities for freshwater habitat management and other related
inland water responsibilities will be transferred to the
provinces;

- recreational harbours will be divested to municipalities;

- Forest Resource Development Agreements and Mineral Development
Agreements with the provinces will be discontinued; and

- airports will be transferred to local authorities.

 
 Some activities will be commercialized or privatized including:

- remaining interest in Cameco Corporation and Petro-Canada;

- Canadian National (CN);

- Air Navigation System; and

- Canada Communication Group.

 
 Cost recovery and user fees will be increased or imposed on
certain services including:

- food and meat inspection, drug approval, fisheries inspection,
marine services, customized weather forecasting;

- an immigration fee of $975 per adult immigrant; and

- consular and trade development services.

 
 Better management of government:

- the Auditor General will report to Parliament more frequently -
up to five times annually;

- a new Expenditure Management System will be implemented to
ensure that programs are permanently subject to strict cost
control and evaluation; and

- more productive and streamlined operations through innovative
service delivery.



UNEMPLOYMENT INSURANCE REFORM

   "We need to move away from passive support -- away from
  dependence - and move towards active assistance -- towards
  independence."
  
   "A key job for unemployment insurance in the future must be
  to help Canadians stay off unemployment insurance."
  
Building on measures in the 1994 budget, the Minister of Human
Resources Development intends to table legislation this fall to
make further changes to unemployment insurance. The changes will
move current program funding into the areas of unemployment
insurance which enhance the employability of Canadians,
contribute to a healthy economy and encourage job creation.

  Canadas strong economic performance and unemployment
insurance reform, which the government intends to have in place
no later than July 1, 1996, will reduce the overall size of the
program by a minimum of 10 per cent. This overall reform,
combined with improvements in the administration of the
unemployment insurance program, will secure savings of
$700 million in 1996-97. Reform will be designed and carried out
in a manner that eases the transitional impact of changes in
provinces where there is a history of reliance on unemployment
insurance.

  With no increase in premium rates, the cumulative surplus in
the Unemployment Insurance Account will be allowed to rise above
$5 billion through to the end of 1996. This surplus will be
maintained and will serve as a buffer to mitigate unemployment
insurance premium rate increases during periods of slowing
economic growth. The result of these measures will be a
unemployment insurance program that does a much better job of
investing in people, and lower, more stable unemployment
insurance premium rates that encourage job creation.



A NEW TRANSFER TO THE PROVINCES

   "We will never secure the sort of structural change that we
  need without reforming the system of transfers to the
  provinces."
  
   "This budget sets out some key parameters, but
  as we go forward, we are committed to a co-operative
  approach."
  
The Canada Social Transfer

The government is giving one year notice that a new block grant
to the provinces called the Canada Social Transfer (CST) will
begin in 1996-97. It will continue the evolution away from cost-
sharing in areas of provincial responsibility, which has been a
source of entanglement and irritation in federal-provincial
relations.

  The major transfers to the provinces under the Canada
Assistance Plan (CAP) and Established Programs Financing (EPF)
will be replaced by the CST. As is currently the case with both
EPF and CAP, the new transfer will be a combination of cash and
tax points.

  In 1996-97, CST funding will be set at $26.9 billion, a
reduction of $2.5 billion compared with the projected transfer
entitlement under the existing set of programs. In 1997-98,
funding will be reduced further to $25.1 billion, a reduction of
$4.5 billion, or about 3 per cent of total provincial government
revenues.

___________________________________________________________________________

Major transfer entitlements to provinces
_____________________________________________________________

                      1993-94 1994-95 1995-96 1996-97 1997-98
_____________________________________________________________

                                  (millions of dollars)

Current arrangements
  CAP                   7,719   7,952   7,952
  EPF-PSE               6,108   6,177   6,251
  EPF-Health           15,128  15,299  15,483
               ______________________________________________

Total                  28,955  29,428  29,686

Canada Social Transfer                         26,900  25,100
Equalization            8,034   8,332   8,870   9,270   9,618
               ______________________________________________

Total major transfer
entitlements of
which:[1]              36,212  36,974  37,745  35,351  33,889

  Tax point
  transfers[1]         11,290  11,729  12,572  13,248  13,968
  Cash transfers       24,922  25,245  25,173  22,103  19,921

Change in entitlements
from 1994-95 levels                             1,623   3,085
___________________________________________________________

[1] Equalization associated with EPF/CST tax points appears in
both Equalization and EPF/CST entitlements. It has been
subtracted from "Total major transfer entitlements" and "Tax
point transfers" to avoid double counting.
__________________________________________________________________________

  The new transfer will free the provinces to pursue innovation
by eliminating the restrictive cost-sharing feature of the Canada
Assistance Plan.

  The new transfer will not however be totally unconditional.
The federal government will continue to enforce the Canada Health
Act and the provinces will be required, as they are now under the
rules of CAP, to provide social assistance without any minimum
residency requirements.

  The federal government, under the leadership of the Minister
of Human Resources Development, will invite all provincial
governments to work together on developing, through mutual
consent, a set of shared principles and objectives that could
underlie the new transfer.

  Following consultations with the provinces, the Equalization
program was renewed by Parliament for five years beginning in
1994-95. No changes are proposed in the budget. Territorial
Formula Financing has not previously been subject to federal
budgetary restraint. However, in view of the current fiscal
situation, entitlements will be frozen in 1995-96 at 1994-95
levels and the 1996-97 Gross Expenditure Base in the formula will
be reduced by 5 per cent for both the Northwest Territories and
the Yukon.

  The reduction in major transfers to the provinces is less than
the cuts in other areas of federal program spending.


PROTECTING CANADAS SENIORS

   "One of the greatest reforms ever provided by a
  Canadian government has been the provision of a
  decent support for elderly Canadians -- who have given -- and
  continue to give - so much to their families and to their
  country."
  
   "This government is absolutely committed to
  providing a fair and sustainable system of protection
  for Canadas seniors."
  
The government is committed to take action to reform Canada's
retirement income system on a fairer and sustainable basis. The
first part of this system - tax assistance for private pensions -
is being modified, as described in the next section. The second
part - the Canada Pension Plan (CPP) - will be addressed this
fall when Finance Ministers meet to review the financing of CPP,
as part of its regular five-year review as mandated by law.

  The third pillar of the pension income system - Old Age
Security (OAS) and the Guaranteed Income Supplement (GIS) - will
be reviewed later this year. The Minister of Human Resources
Development, in collaboration with the Minister of Finance, will
release a paper which will outline other changes required to
ensure a fair and sustainable public pension system for future
generations of Canadians. The goal will be to legislate changes
to take effect in 1997. Consultations with seniors, and with
Canadians generally, will take place when the paper is released.

  In the interim, the budget introduces two changes to the
administration of the OAS benefit.

  Effective July 1996, OAS payments will be calculated and paid
out net of the high-income recovery amounts, based on income
reported on the previous years tax return. This will not affect
the amount of benefits provided to seniors. The only change is
that the OAS benefit will be reduced before it is sent out rather
than being taxed back after individuals have already received
their cheque.

  Also effective July 1996, OAS recipients who are no longer
resident in Canada will have to file a statement of their world-
wide income in order to receive OAS benefits. Currently, non-
residents with incomes above $53,215 escape the high-income
recovery. They are treated more favourably than Canadian
residents.


A FAIRER TAX SYSTEM:
SHARING THE BURDEN OF DEFICIT REDUCTION

   "There is not one, solitary Canadian who likes taxes.
  And certainly, they are far higher than any of us would like
  them to be."
  
   "But the issue of taxes is more than a matter of rates.
  It is a question of equity."
  
The government is aware of the heavy tax burden already borne
by Canadians and the cost imposed on the economy as a whole.
Thus, the budget does not raise federal personal income tax
rates. The tax measures are largely directed at removing
preferences and increasing fairness and helping to meet deficit
targets.

________________________________________________________________________

Impact of tax measures
_____________________________________________________________

                                    1995-96  1996-97  1997-98
_____________________________________________________________

                                         (millions of dollars)

Measures to increase fairness
  and tighten the tax system
  Improving fairness in tax-assisted
   retirement saving                     15       95      160
  Strengthen Revenue Canadas
   ability to enforce the law              Prevents revenue losses
  Additional tax on investment
   income of private corporations        40      120      120
  Eliminate deferral of tax
   on business income                     -      170      300
  Restrict SR&ED tax incentives           -       15       15
  Family trusts                            Prevents revenue losses
  Re-targeted film incentive            small    small    small
                        ________________________________________

Subtotal                                 55      400      595

Increases in tax rates
  Corporate
   Large corporations tax               145      155      160
   Corporate surtax                     115      115      120
   Temporary capital tax
    increase for large
    deposit-taking institutions          60       40        -
  Excise
   Tobacco                               65       65       65
   Gasoline                             500      500      500
                        ________________________________________

Subtotal                                885      875      845

Total                                   940     1275     1440
_____________________________________________________________________

Improving Fairness in Tax-Assisted Retirement Savings

The principle underlying these changes is that tax assistance
should be provided for contributions to registered savings plans
based on earnings up to 21/2 times the average wage, and no more.

  Pensions and RRSPs: The dollar limit on deductible RRSP
contributions will be reduced to $13,500 for 1996 and 1997. The
limit then will be increased by $1,000 a year to reach $15,500 in
1999. The dollar limit on contributions to money-purchase pension
plans will also be reduced to $13,500 in 1996 and then increased
by $1,000 a year to reach $15,500 in 1998. The dollar limits on
contributions to deferred profit sharing plans (DPSPs) will
continue to be one half the contribution limits for money-
purchase pension plans. The maximum pension limit for defined-
benefit pension plans will be frozen at its current level through
1998. The pension and DPSP limits will be indexed beginning in
1999 and the RRSP limit in 2000.

  The government will investigate the possibility of modifying
RRSP limits, without incurring additional revenue costs, to
restore lost RRSP room to employees who leave pension plans
before retirement.

  RRSP Overcontribution Allowance: The overcontribution
allowance of $8,000 will be reduced to $2,000 in 1996. A penalty
tax of 1 per cent applies to excess contributions above the
allowance.

  Retiring Allowance Rollovers: The rollover of retiring
allowances to RRSPs, currently permitted at up to $2,000 per year
of service, will be phased out by reducing the limit to zero for
years of service after 1995. The allowances for years of service
up to, and including 1995, are not affected.

  Locked-in RRSPs: Holders of locked-in RRSPs, currently limited
to purchases of life annuities with those funds, will be allowed
to purchase Life Income Funds through an amendment to the Pension
Benefits Standards Act (PBSA).

Increasing Fairness and Tightening the Tax System

Strengthening Revenue Canadas Ability to Enforce the Law: To
ensure that all Canadians pay their fair share of taxes and to
reduce unfair competition for legitimate businesses, the budget
strengthens Revenue Canadas ability to enforce the tax laws.
Measures include: strengthening its auditing of large
corporations, new reporting requirements for the construction
industry and for foreign investments, and penalties for
interference with the remittance of source deductions and GST.

  Tax on Investment Income of Private Corporations: Effective
July 1, 1995, a refundable tax will be levied on the investment
income received by Canadian-controlled private corporations. This
tax will reduce the current deferral advantage for investment
income received by private corporations when the corporate tax
rate applied to this income is lower than the marginal tax rate
of the individual shareholder.

  Deferral Advantages for Business and Professional Income:
Effective for taxation years starting after 1994, individuals
will be required to report their business and professional income
on a calendar year basis. Currently, they have the option to
choose any date as their year end for reporting such income. This
can result in an initial delay in reporting income and a
consequent delay in payment of tax on an ongoing basis. A ten
year transition period will preclude a large one-time tax
increase for many of these taxpayers.

  Restrictions on SR&ED Tax Incentives: Pending the completion
of a review of information technology R&D, all such R&D performed
after February 27, 1995 by financial institutions will be
excluded from the definition of Scientific Research and
Experimental Development (SR&ED).

  Family Trusts: The existing election to defer the application
of the 21-year rule will be eliminated January 1, 1999. To
restrict income splitting, the "preferred beneficiary election
mechanism" will be repealed for taxation years of trusts
commencing after 1995, except for elections in respect of persons
with mental or physical disabilities.

  Re-Targeted Film Incentive: Government assistance available to
certified Canadian film productions will be re-targeted in order
to maximize the benefit to such productions.

Corporate Tax Rate Increases

Large Corporations Tax (LCT) Rate: The rate of LCT will rise
immediately from 0.2 per cent to 0.225 per cent of capital used
in Canada in excess of $10 million, a tax increase of 12.5 per
cent.

  Corporate Surtax: The corporate surtax, currently levied at a
rate of 3 per cent of basic federal corporate income tax, will be
increased to 4 per cent - effective immediately.

  Tax on Large Deposit-Taking Institutions: The capital tax
imposed on banks and other large deposit-taking institutions will
be temporarily increased. The tax will take effect immediately
and will remain until October 31, 1996.


Excise Tax Increases

Tobacco Products: Moving towards re-establishing a uniform
federal excise tax rate, the federal taxes on cigarettes sold for
consumption in Quebec and Ontario - the two provinces that
undertook the deepest reductions last year - were increased by
60 cents per carton of 200 cigarettes effective February 18,
1995.

  Gasoline: Federal excise tax on leaded and unleaded gasoline
will be increased by 1.5 cents per litre effective immediately.


CONCLUSION

   "This government wants Canadians to be able to judge it not
  on its rhetoric, but on its results; not on more promises
  made, but on real progress secured.
  
   This budget sets this country on a sure course of
  fiscal responsibility and government renewal.
  
   Canadians can have confidence now in a country that has put
  the era of band-aid budgets behind it -- and exercised the
  leadership necessary for a cure.
  
   Canadians can have confidence now in Canada becoming one of
  the most attractive places in the world to invest, creating
  jobs."
  


.
