Canadian government releases delayed 2015 budget

The Canadian government released its delayed 2015 budget on Tuesday, which includes tax cuts for small business, future cash for public transit and increasing the maximum amount of tax-free savings accounts to 10,000 Canadian dollars (8,148 U.S. dollars).

The Conservative government delayed this year's budget, pleading market uncertainty due to the plunge of oil price. Canada's federal budget is normally delivered by the end of March, and sometimes as early as in February, putting this one at least a month later than usual.

With just six months before the next general election in the country, the budget was tabled by Canadian Minister of Finance Joe Oliver at the Canadian Parliament Tuesday.

It promises to climb out of deficit and post a surplus in 2015-16. That is accomplished in part by reducing the size of the annual contingency fund from 3 billion Canadian dollars to 1 billion Canadian dollars per year over the next three years.

Oliver defended his government's accounting. He said "during periods of surplus, there isn't a need for the same contingencies because when you combine the surplus with the contingency, you have an adequate cushion."

"Canadians understand if you have more money coming in than you have going out, your books are balance," he explained.

The 2015 budget assumes oil price will average 54 dollars in 2015 and then rise to 67 dollars in 2016 and 75 dollars in 2017.

One of the largest budget measures that kicks off this year is the near-doubling of the maximum amount Canadians can contribute to Tax-Free Saving Accounts each year. The current limit of 5,500 Canadian dollars will be raised to 10,000 Canadian dollars.

The budget confirms major measures announced last year, including allowing parents to split their income for tax purposes and an increase in monthly payments to the Universal Child Care Benefit. Endi