Ottawa, January 27th, 2009

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2008.


November 2008: budgetary surplus of $15 million

There was a budgetary surplus of $15 million in November 2008, compared to a surplus of $0.5 billion in November 2007.  Budgetary revenues were down $0.8 billion, or 3.9 per cent, from November 2007, reflecting lower corporate income tax, goods and services tax (GST) and sales and excise tax revenues.  Program expenses decreased by $38 million, or 0.2 per cent, compared to November 2007, reflecting increases in transfer payments offset by a decrease in other program expenses. Public debt charges decreased by $0.2 billion compared to November 2007.

April to November 2008: budgetary surplus of $0.2 billion

For the first eight months of the 2008–09 fiscal year, there was a budgetary surplus of $0.2 billion, down from the $6.6 billion surplus reported in the same period of 2007–08. Budgetary revenues increased by $0.5 billion, or 0.3 per cent, primarily reflecting growth in personal income tax and other revenues, offset by declines in corporate income tax and GST revenues. Program expenses were up $7.7 billion, or 6.2 per cent, due to higher transfer payments and operating expenses of departments and agencies. Public debt charges were down $0.9 billion on a year-over-year basis, reflecting a lower average effective interest rate on the stock of interest-bearing debt. 

Actions to support the availability of credit are reflected in the financial requirement. There was a financial requirement of $46.4 billion in the April to November period of 2008–09 compared to a financial source of $14.8 billion from the same period the previous year. This year-over-year difference reflects $25 billion in initial purchases of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC) under the Insured Mortgage Purchase Program, as well as the Budget 2007 announcement that the Government would meet all of the borrowing needs of the CMHC, the Business Development Bank of Canada and Farm Credit Canada through direct lending.

The results to date are reflected in the Budget 2009 projections.

For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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