Ottawa, March 22, 2011
2011-028

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for January 2011.

Highlights

January 2011: budgetary deficit of $0.3 billion

There was a budgetary deficit of $301 million in January 2011, compared to a deficit of $265 million in January 2010.

Revenues increased by $0.1 billion, or 0.6 per cent, reflecting an increase in personal income tax revenues and other revenues, which was largely offset by a decrease in corporate income tax revenues. Program expenses were up $0.1 billion, or 0.8 per cent. Public debt charges increased by $21 million.

April 2010 to January 2011: budgetary deficit of $27.7 billion

For the first 10 months of the 2010–11 fiscal year, the budgetary deficit stood at $27.7 billion, compared to a budgetary deficit of $39.6 billion reported in the same period of 2009–10. Over $13 billion of the $27.7-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 $12.2 billion, or 6.9 per cent, primarily reflecting higher personal and corporate income tax revenues, Goods and Services Tax revenues and other revenues. Program expenses were down $0.8 billion, or 0.4 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 $1.0 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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