Canada's budget deficit fell to C$1.7B in October from C$2.1B a year ago

OTTAWA , December 21, 2012 (press release) – The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2012.

Highlights

October 2012: budgetary deficit of $1.7 billion

There was a budgetary deficit of $1.7 billion in October 2012, compared to a deficit of $2.1 billion in October 2011.

Revenues increased by $1.6 billion, or 8.0 per cent, reflecting increases in all tax revenue streams. Program expenses increased by $1.1 billion, or 6.1 per cent, reflecting increases in major transfers to other levels of government and direct program expenses. Public debt charges decreased by $38 million, or 1.5 per cent.
April to October 2012: budgetary deficit of $10.6 billion

For the first seven months of the 2012–13 fiscal year, the budgetary deficit stood at $10.6 billion, compared to a deficit of $13.9 billion reported in the same period of 2011–12.

Revenues were up $4.9 billion, or 3.6 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance (EI) premium revenues. Program expenses were up $2.7 billion, or 2.0 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $1.1 billion, or 6.1 per cent.

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