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Ottawa posts $1.1B surplus for June compared with $1.6B last year

$1.1 billion June surplus comes as the federal government’s revenue increased by $600 million to $24.3 billion for the month


 

OTTAWA – The federal government posted a surplus of nearly $1.1 billion for June — half a billion less than in the same month last year when the surplus was $1.6 billion.

The surplus came as the federal government’s revenue increased by $600 million to $24.3 billion for the month.

Excise taxes and duties were the source of most of the revenue growth.

Federal program spending increased by $1.6 billion from a year ago to $21.3 billion in June.

The universal child care benefit was responsible for most of the spending increase, which was partly offset by a $500-million decline in public debt charges, which fell to $1.9 billion.

For the April to June period, the government recorded a surplus of $5 billion compared with a surplus of $400 million in the same three-month period a year earlier.

The Finance Department said the results for the first three months of the fiscal year provide limited information with respect to the outlook for the year as a whole.

“That being said, the financial results through the April to June 2015 period are consistent with the fiscal projection for 2015–16 presented in the budget,” the department said in a statement Friday.

The government forecast in April a surplus of $1.4 billion for its 2015-16 fiscal year, however the parliamentary budget office suggested in July that Ottawa was on track to run a deficit based on a downgraded economic projection by the Bank of Canada.

The budget office projected the government producing a $1-billion shortfall in 2015-16.


 
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Ottawa posts $1.1B surplus for June compared with $1.6B last year

  1. LOL nice spin! wheres the mention of the 5 billion surplus ion first q???

  2. More propaganda. Since when is net loss sale of assets like GM operational revenue? More lies form Harper thinking asset sales are revenue?

    Secon issue, with CAD money droping 9 cents in the period, also means taxes went up. And example, is $1.00 of goods at US/CAD par, pr $1.35 CAD for $1.00 US of goods more taxable? Fact is the lower value money goes, the higher the CBSA tax tables cost as they are based on VALUE not money. So in fact contrary to Harper’s BS of no tax hikes lie, CBSA is a 35% higher taxes than 2.5 years ago and 12% of it or so for this year.

    Devalued money is a tax. In world terms, Canada’s money and GDP has 35% less vlaue today than 2.5 years ago. Adjust using world currencies, USD or Yuan the largest and more stable, Canada has been in a recession for at least 2.5 years. Add oil is no longer supporting the rest of dysfunctional Canada….its a perfect storm.

    So be happy, media, politics, Ottawa wants you to think 12 inches is shorter than 18 centimeters of smaller money.
    Wow, and media sucks this up like cool-aid to program us.

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