It has been reported that Canada's Finance Minister Jim Flaherty, faced with one of the largest federal deficits in history, is now looking to cut corners in every way that he can, and has said that he will now start looking for programs to cut and Government assets to sell, as soon as the economy shows definite signs of recovery.

Minister Flaherty has also said that a coming wave of public sector retirements can be an apt opportunity to shrink the Government and cut the growth of federal spending.

"It's necessary for restraint to happen to rein in Ottawa's spending. We get hundreds and hundreds of programs that just trundle along, growing at 3 or 4 per cent a year or more - ahead of the rate of inflation - and it takes some resolve to restrain that spending growth", said the Finance Minister, while admitting that he is aware that the cutting back of these programs has every chance of bringing on a public outrage.

"Every program has a group of people who believe strongly in that program. But some programs much end", the Minister stressed.

In an interview, the country's Finance Minister was quoted as saying that "attrition in the aging civil service" might end up allowing the Government to put a halt to some spending and cut down on the budget deficit, while also adding that he and his provincial counterparts have discussed "handsome pensions" for the civil service.