Ottawa, April 21, 2011
2011-034

Archived - Release of The Fiscal Monitor

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

Highlights

February 2011: budgetary deficit of $0.6 billion

There was a budgetary deficit of $0.6 billion in February 2011, compared to a deficit of $0.9 billion in February 2010.

Revenues increased by $1.0 billion, or 4.7 per cent, reflecting higher personal and corporate income tax revenues, Employment Insurance (EI) premium revenues and other revenues. Program expenses were up $0.4 billion, or 2.0 per cent, largely reflecting an increase in the Government’s estimated liabilities, partially offset by a decrease in EI benefit payments. Public debt charges increased by $0.3 billion.

April 2010 to February 2011: budgetary deficit of $28.3 billion

For the first 11 months of the 2010–11 fiscal year, the budgetary deficit stood at $28.3 billion, compared to a deficit of $40.5 billion reported in the same period of 2009–10. Over $14 billion of the $28.3-billion deficit was attributable to actions taken under Canada’s Economic Action Plan, including tax reductions, EI related measures and infrastructure funding.

Revenues were up $13.1 billion, or 6.6 per cent, primarily reflecting higher personal and corporate income tax revenues, Goods and Services Tax revenues and other revenues. Program expenses were down $0.4 billion, or 0.2 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, the revaluation of the Government’s liability to Ontario for the province’s one-third interest in the value of the Government’s common shares in General Motors, and an increase in the Government’s estimated liabilities. Public debt charges were up $1.3 billion on a year-over-year basis, reflecting a higher stock of interest-bearing debt.

For further information, media may contact:

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

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