Ottawa, July 26, 2013
2013-099

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for April and May 2013.

Highlights

April and May 2013: budgetary deficit of $2.7 billion

For the first two months of the 2013-2014 fiscal year (April and May), there was a budgetary deficit of $2.7 billion, compared with a deficit of $1.8 billion reported in the same period last year. By month, there was a deficit of $0.3 billion in April and a deficit of $2.4 billion in May.

For the two months combined, revenues increased by $0.6 billion, or 1.4 per cent, reflecting increases in income tax revenues and other revenues partially offset by a decrease in total excise taxes and duties. Program expenses were up $1.4 billion, or 3.6 per cent, mainly reflecting higher transfer payments. Public debt charges increased by $0.1 billion, or 2.0 per cent, reflecting higher Consumer Price Index adjustments on real return bonds.

Reporting Changes for 2013-14

Beginning with the April and May 2013 Fiscal Monitor, the methodology for reporting monthly income tax revenues has been changed to better align with the methodology used in the annual Public Accounts of Canada. Monthly results for 2012–13  have been restated on a comparable basis. This change has resulted in a $0.7 billion decrease in income tax revenues for April 2012 and a $0.3 billion decrease in income tax revenues for May 2012. The restatement changes the budgetary balance in April 2012 from a $19 million deficit to a $0.7 billion deficit and in May 2012 from a $0.8 billion deficit to a $1.1 billion deficit. This methodological change will have no impact on the 2012-13 budgetary balance reported in the annual Public Accounts of Canada.

For further information, media may contact:

Kathleen Perchaluk
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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