Ottawa, December 23, 2013

Archived - Release of The Fiscal Monitor

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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for October 2013.


October 2013: budgetary deficit of $2.5 billion

There was a budgetary deficit of $2.5 billion in October 2013, in line with a deficit of $2.5 billion in October 2012.

Revenues decreased by $0.1 billion, or 0.7 per cent, as increases in personal income tax and other revenues were offset by decreases in corporate income tax and Goods and Services Tax (GST) revenues. Program expenses increased by $0.1 billion, or 0.4 per cent. Public debt charges decreased by $0.2 billion, or 8.0 per cent.

April to October 2013: budgetary deficit of $13.2 billion

For the April to October 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $13.2 billion, compared with a deficit of $11.9 billion reported in the same period of 2012–13. Absent the impact of the 2013 Alberta flood and the gain realized on the sale of General Motors common stock, the deficit for the April to October 2013 period would have been $11.1 billion.

Revenues were up $4.1 billion, or 2.9 per cent, reflecting increases in personal income tax, GST, Employment Insurance premium and other revenues. Program expenses were up $5.4 billion, or 4.0 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $42 million, or 0.2 per cent.

The Government remains on track to balance the budget in 2015.

For further information, media may contact:

Marie Prentice
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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