Canada records $10.56-billion budget deficit over first ten months of 2019/2020
Reuters
Published Mar 27, 2020 11:07
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."
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Written By: Reuters
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