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Release of The Fiscal Monitor

OTTAWA, Ontario, December 17, 2010 — The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2010. Highlights:

October 2010: budgetary deficit of $4.1 billion

There was a budgetary deficit of $4.1 billion in October 2010, compared to a deficit of $3.3 billion in October 2009.

Revenues increased by $0.1 billion, or 0.4 per cent, reflecting increases in personal and non-resident income tax revenues, partially offset by declines in corporate income tax and Goods and Services Tax (GST) revenues. Program expenses were up $0.8 billion, or 4.4 per cent, largely reflecting an increase in transfer payments. Public debt charges increased by $0.1 billion.

April to October 2010: budgetary deficit of $21.5 billion

For the first seven months of the 2010–11 fiscal year, the budgetary deficit stood at $21.5 billion, compared to a deficit of $31.9 billion reported in the same period of 2009–10. Over $10 billion of the $21.5-billion deficit was attributable to actions taken under Canada’s Economic Action Plan, including tax reductions, Employment Insurance related measures and infrastructure funding. Revenues were up $7.9 billion, or 6.6 per cent, primarily reflecting higher GST and personal and corporate income tax revenues. Program expenses were down $2.9 billion, or 2.2 per cent, largely reflecting one-time support provided to the automotive industry in 2009–10, partially offset by increased transfers to other levels of government in 2010–11. Public debt charges were up $0.4 billion on a year-over-year basis.

News source: Department of Finance


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