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"Without a doubt, here in Canada and around the world, these are difficult times that will require difficult choices," Flaherty said at a news conference in Ottawa as he released an annual economic and fiscal statement of the Conservative government.
"We cannot ask Canadians to tighten their belts during tougher times without looking in the mirror. We have a responsibility to show restraint and respect for tax dollars."
Flaherty said the measures the government will take include eliminating the taxpayer subsidy for politicians and their parties, reducing the cost and ensure the effectiveness of government operations, ensuring sustainable federal public sector wage rates and modernizing the pay equity regime.
The federal government will also discuss with the provinces to put equalization on a sustainable growth path.
Flaherty said the government will also try to maintain a balanced budget but he warned that a deficit is likely for the current fiscal year.
"Our goal must be to ensure the strength of the economy, to protect jobs, to encourage investment and to help businesses grow," the minister said. "We must do that while protecting the long-term fiscal position of the government, so that if we must run a deficit, when the economy improves, we return quickly to balanced budgets."
Canada will also take further measures to ensure that the financial system stays stable, including supporting the system in extraordinary circumstances, providing solvency funding relief to federally regulated private pension plans, enhancing credit availability through government agencies for Canadian businesses affected by the global credit crisis, among others, the minister said.
The economic statement stressed that government priorities are to accelerate infrastructure projects, improve opportunities for workers and sectors affected by current economic conditions, strengthen the financial system in line with G20 commitments, and improve the competitiveness of the Canadian economy.