3

Ottawa posts $941-million deficit for October

The monthly number compares with a $3.21-billion deficit a year ago


 

OTTAWA – The Canadian government ran a $941-million deficit for October compared with a $3.21-billion deficit in the same month last year.

Ottawa’s fiscal monitor says the improvement came as revenue increased 11.1 per cent, boosted by higher personal income tax and Goods and Services Tax revenues.

The results of a year ago included a one-time adjustment downward due to the introduction of the Conservative government’s income-splitting plan for families and a doubling of the children’s fitness tax credit.

The newly elected Liberal government is planning to discontinue income splitting.

Program spending for October 2015 increased by 0.4 per cent, while public debt charges fell 6.4 per cent.

For the April to October period, the government posted a surplus of $634 million compared with a deficit of $3.95 billion in the same period a year earlier.

Revenue for the first seven months of the fiscal year was up 8.7 per cent, while program spending was up 6.6 per cent. Public debt charges fell 3.6 per cent.


 
Filed under:

Ottawa posts $941-million deficit for October

  1. So Trudeau and Morneau are caught in a lie! Government finances are NOT deteriorating with respect to last year.

    • Yes it seems that way. Pretty sad the new liberals are already blaming the previous government for fiscal losses when the opposite is true. We can all note that last year Canada how about a $1.9B surplus. Lets see what happens this year.

  2. “Lies, bloody lies and statistics”, they call it.
    Hidden in a corner of this report is the innocent looking statement “….the improvement came as revenue increased 11.1 per cent, boosted by higher personal income tax and Goods and Services Tax revenues.”
    What needs to be understood here is that this is the direction the Government will be taking to grab from its citizens, all the money it needs to throw into that bottomless hole of deficit spending!

Sign in to comment.