The Canadian federal budget for the 2008-2009 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on February 26, 2008. The budget included a surplus of $10.2 billion to be applied to pay down federal debt, and the introduction of the Tax-Free Savings Account (TFSA). The government announced there would be little to no new tax breaks as major tax cuts took place in the economic update during the fall of 2007 in anticipation of economic slowdowns in 2008. It was to be the last budget of the Conservative government's first term in office.