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Canada records $10.56-billion budget deficit over first ten months of 2019/2020

Published 2020-03-27, 11:07 a/m
Updated 2020-03-27, 11:12 a/m
© Reuters. The downtown skyline and CN Tower are seen past the eastern waterfront area of Toronto

OTTAWA - Canada recorded a C$10.56-billion ($7.49 billion) budget deficit for the first ten months of the 2019/2020 fiscal year as government expenditures grew faster than revenues, the finance ministry said on Friday.

Program expenses rose by 6.6% largely on increases in major transfers to persons, other levels of government and direct program expenses. Revenues grew by 2.9% on greater personal income tax revenues.

By comparison, Canada recorded a C$1.21 billion deficit in the period from April to January 2018/2019.

Canada posted a surplus of C$415 million in January, compared to a C$1.54 billion deficit in 2019. Program expenses decreased by 2.9% while revenues grew 4.2%.

The finance department noted there could be "substantial volatility in monthly results due to the timing of revenue receipts and expense recognition."

© Reuters. The downtown skyline and CN Tower are seen past the eastern waterfront area of Toronto

 

Latest comments

taxes, taxes and more taxes
Yes, but how much and how? My guess is increased income taxes, increased costs for passports to dog licences, maybe that wealth tax for the extremely wealthy, then wealthy, than the not so wealthy...,  (remeber the temproary income tax during the First World War?) and finally cuts from mini-cuts in services to big ones like extra ships. (Air force please forget about new aircraft--even models.) Budgets will make all sorts of promises but the treasuery departments will choke actual spending. What else?
we all going to pay for this later
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