Ottawa's October deficit rings in at $2.5 billion -

Ottawa’s October deficit rings in at $2.5 billion

Deficit for fiscal year stands at $13.2 billion


OTTAWA – The federal government ran a deficit of $2.5 billion in October, unchanged from the same month last year.

The monthly fiscal monitor says the federal government’s revenue slipped by $100 million,

It says increased revenue from personal income tax and other sources was offset by lower revenue from corporate taxes and GST.

Meanwhile, the federal government’s program spending increased by $100 million in October, while public debt charges fell $200 million.

For the fiscal year so far, the deficit stood at $13.2 billion, compared with a deficit of $11.9 billion at the same time last year.

However, excluding the Alberta flood and the government’s sale of General Motors stock, the deficit for the April-to-October period this year would have been $11.1 billion.

Revenues over the six months were up $4.1 billion, while program spending was up $5.4 billion. Public debt charges were down $42 million.