In a speech that referenced Sir John A. Macdonald and other Canadian politicians from bygone days, federal Finance Minister Jim Flaherty touted his government’s record in managing the economy through turbulent times and highlighted several initiatives that he said herald “another prudent step toward [a] brighter future” when he introduced this year’s federal budget.

Flaherty reaffirmed the government’s promise to balance the budget in 2015, stressing that this will not be done “on the backs of ordinary Canadians or Canadians in need, or at the expense of our provinces and territories.” Among other measures to achieve that balance, Ottawa will freeze the operating expenses of departments and divest government assets “when it’s in the best interest of Canadians to do so.”

The Conservatives’ focus on fiscal discipline, he said, reflects the philosophy espoused by Canada’s first prime minister that “the government are merely trustees for the public.”

Flaherty also maintained that the government will keep taxes low and he vowed that “we will keep closing loopholes so every Canadian pays their fair share of taxes.” He also noted that “the federal tax burden is the lowest it has been in 50 years.”

Creating jobs remains the government’s top priority, Flaherty said, and he indicated that Canada has the best record for job creation among the G7 nations. However, as budget documents note, many Canadians are still out of work or underutilized at a time “when skills and labour shortages are emerging in certain sectors and regions.”

To address this issue, the budget introduces several measures including a new generation of labour market agreements to help those with disabilities find jobs, assistance for older unemployed workers and funding for apprenticeship programs.

Another significant part of the government’s focus on employment is the creation of the Canada First Research Excellence fund, with $1.5 billion in funding over the next decade. The fund, according to budget documents, is to “help Canadian post-secondary institutions excel globally in research areas that create long-term economic advantages for Canada.”

The funding will help these institutions compete with the best in the world for talented and breakthrough discoveries, the budget says.

For more, see our Budget 2014 special feature.