Ottawa, March 26, 2010
Archived - Release of The Fiscal Monitor,
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for January 2010.
January 2010: budgetary deficit of $0.3 billion
There was a budgetary deficit of $0.3 billion in January 2010, compared to a surplus of $0.1 billion in January 2009. The January 2010 deficit reflects the impact of the weaker economy on the Government's finances, as well as measures introduced under Canada's Economic Action Plan. Revenues were up $1.7 billion from January 2009, driven by increases in corporate and non-resident income tax revenues. Program expenses increased by $1.8 billion compared to January 2009, reflecting increased transfer payments and higher operating expenses of departments and agencies. Public debt charges increased by $0.2 billion compared to January 2009.
April 2009 to January 2010: budgetary deficit of $39.6 billion
For the first 10 months of the 2009–10 fiscal year, the budgetary deficit was $39.6 billion, compared to a surplus of $0.5 billion reported in the same period of 2008–09. Roughly $17 billion of the $39.6-billion deficit was attributable to actions taken under Canada's Economic Action Plan. Revenues were down $17.7 billion, or 9.1 per cent, reflecting declines across most revenue streams. Program expenses were up $23.9 billion, or 14.4 per cent, mainly reflecting higher Employment Insurance benefit payments, higher transfers to other levels of government and support for the automotive industry. Public debt charges were down $1.4 billion on a year-over-year basis, reflecting lower interest rates.
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Office of the Minister of Finance
Department of Finance
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