Canada's budgetary deficit decreases sharply in first nine months of this fiscal year

13:30, February 26, 2011      

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In the first nine months of the 2010/11 fiscal year, Canada's budgetary deficit decreased to 27.4 billion Canadian dollars (about 27.93 billion U.S. dollars), from 39.4 billion Canadian dollars during the same period of last fiscal year, Department of Finance Canada announced Friday.

About 12 billion Canadian dollars of the 27.4 billion deficit was attributable to actions taken under Canada's Economic Action Plan, the department said.

From April to December 2010, revenues increased by 12.0 billion Canadian dollars, or 7.7 percent, to 167.2 billion Canadian dollars. Personal income tax revenues were up 4.5 billion Canadian dollars, or 5.7 percent; corporate income tax revenues were up 2.2 billion Canadian dollars, or 14.4 percent, non-resident income tax revenues were down 0.1 billion Canadian dollars, or 3.2 percent.

Program expenses from April to December 2010 were 171.4 billion Canadian dollars, down 1.0 billion Canadian dollars, or 0.6 percent, from the same period the previous year. Transfer payments decreased by 1.2 billion Canadian dollars, or 1.0 percent. Other program expenses increased by 0.3 billion Canadian dollars, or 0.5 percent, from the previous year's level.

Public debt charges increased by 1.0 billion Canadian dollars, or 4.4 percent, reflecting a higher stock of interest bearing debt.

As for December 2010, there was a budgetary deficit of 1.4 billion Canadian dollars, compared to a 3.1 billion deficit in December 2009, with revenues increasing by 1.6 billion Canadian dollars, or 8.4 percent, to 20.1 billion Canadian dollars; and program expenses decreasing by 0.5 billion Canadian dollars, 2.5 percent, to 18.8 billion Canadian dollars, largely reflecting lower transfer payments. (1 U.S. dollar = 0.9809 Canadian dollar.)

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