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Federal government runs $2.1-billion deficit for April-to-November period

Federal government runs $2.1-billion deficit for April-to-November period | iNFOnews.ca
Minister of Finance Bill Morneau takes part in a Canada 2020 panel discussion in Ottawa on December 13, 2018. The Trudeau government has options, experts say, as it looks for ways to help more millennials enter the Canadian housing market in an era of pricey real estate and rising borrowing costs. The federal effort also makes political sense with an election less than a year away -- making home purchases more affordable for younger Canadians is seen by some experts as a vote winner for this increasingly critical demographic. On Tuesday, Finance Minister Bill Morneau said Ottawa is exploring measures to put home ownership within reach for more millennials, a generation made of people who are now in their mid-20s to late-30s. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – The federal government ran a deficit of $2.1 billion through the first eight months of its 2018-19 fiscal year compared with a deficit of $9.5 billion in the same period a year earlier.

In its monthly fiscal monitor, the Finance Department says revenue in the April-to-November period was up $16.7 billion, or 8.6 per cent, boosted by increases in tax revenues, EI premium revenues and other revenues.

Program expenses were up $8.0 billion, or 4.2 per cent, due to increases in major transfers to persons and other levels of government and direct program expenses.

Public debt charges increased by $1.4 billion, or 9.8 per cent.

The government’s February budget predicted a deficit of $18.1 billion for the 2018-19 fiscal year, which ends in March.

For November, the government posted a deficit of $2.2 billion compared with a deficit of $2.9 billion in November 2017.

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Abbey Westbury

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