The Conservative government is saying they will erase Canada’s half-trillion dollar net debt within 15 years.

Finance Minister, Jim Flaherty, says the money saved in interest will be returned to Canadians in the form of tax cuts.

He also predicts that the budget surplus this year will be $600 million higher than the $3.6 billion he forecast in his first budget in May.

Flaherty is outlining the fiscal update before the Commons Finance Committee outlining where the government wants to take the economy and offering a snapshot of what the Tories may campaign with in the next election.

He’s also promising to reduce government red tape for business, cut taxes on business investment and build infrastructure with public-private partnerships.