Ottawa, January 28, 2011
2011-008

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2010.

Highlights

November 2010: budgetary deficit of $4.5 billion

There was a budgetary deficit of $4.5 billion in November 2010, compared to a deficit of $4.4 billion in November 2009.

Revenues increased by $2.6 billion, or 15.4 per cent, reflecting increases in personal and corporate income tax revenues and other revenues, partially offset by a decline in Goods and Services Tax (GST) revenues. Program expenses were up $2.4 billion, or 12.9 per cent, largely reflecting an increase in transfer payments. Public debt charges increased by $0.3 billion.

The November 2010 financial results reflect the impact of the Government's sale of a portion of its holdings of common shares in General Motors and asset and liability revaluations associated with the automaker's initial public offering on November 18, 2010.

April to November 2010: budgetary deficit of $26.0 billion

For the first eight months of the 2010–11 fiscal year, the budgetary deficit stood at $26.0 billion, compared to a deficit of $36.3 billion reported in the same period of 2009–10. Over $11 billion of the $26.0-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 $10.5 billion, or 7.7 per cent, primarily reflecting higher personal and corporate income tax revenues, GST revenues and other revenues. Program expenses were down $0.5 billion, or 0.3 per cent. Public debt charges were up $0.6 billion on a year-over-year basis.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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