The Globe and Mail reports in its Wednesday edition that the government's plan to scale back annual immigration targets will lower revenues by billions of dollars over the next five years, according to an RBC report that urges Ottawa to take a cautious approach to new spending. The Globe's Bill Curry writes that RBC economists Cynthia Leach and Rachel Battaglia's release Tuesday, which looks ahead to Finance Minister Chrystia Freeland's coming fall economic statement, says fewer immigrants will translate into lower consumption and employment growth for the economy as a whole, resulting in a significant negative impact on federal finances. Ms. Leach, a former economist with the Finance Department, told The Globe that Ottawa should stay within its self-imposed targets to control the deficit and debt-to-GDP ratio. Ms. Leach said the feds are facing several sources of economic volatility, including the immigration changes and talk of higher tariffs from U.S. president-elect Donald Trump. The economists project that revised immigration policies will lower federal revenues by about $50-billion over five years, which is only partly offset by a $30-billion fiscal improvement tied mainly to lower-than-anticipated interest rates.