Archived - Release of The Fiscal Monitor

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The Department of Finance reports a budgetary deficit of $3.2 billion in October 2014; the Government remains on track to balance the budget in 2015

December 22, 2014 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today released The Fiscal Monitor for October 2014.

There was a budgetary deficit of $3.2 billion in October 2014, compared with a deficit of $2.5 billion in October 2013.

The October 2014 results include a $1.6 billion adjustment to revenues to include the year-to-date costs of personal income tax measures announced in October 2014 and effective for the 2014 taxation year. These measures consist of the introduction of the Family Tax Cut and the doubling of the Children’s Fitness Tax Credit. Absent this adjustment, there would have been a deficit of $1.6 billion in October 2014.

Revenues decreased by $0.2 billion, or 0.9 per cent, as the impact of the year-to-date costs of the Family Tax Cut and the doubling of the Children’s Fitness Tax Credit was partially offset by gains in corporate income tax revenues. Program expenses increased by $0.6 billion, or 3.1 per cent, reflecting increases in transfers to persons and other levels of government and direct program expenses. Public debt charges decreased by $0.1 billion, or 3.4 per cent.

Quick Facts

  • For the April to October 2014 period of the 2014–15 fiscal year, the Government posted a budgetary deficit of $4.0 billion, compared with a deficit of $12.8 billion reported in the same period of 2013–14.
  • During the same period, revenues were up $5.3 billion, or 3.7 per cent, reflecting increases in all revenue sources with the exception of “other revenues”.   
  • Program expenses were down $3.2 billion, or 2.3 per cent, reflecting a decrease in direct program expenses, offset in part by increases in major transfers to persons and other levels of government. 
  • Public debt charges were down $0.3 billion, or 2.0 per cent.

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Media Contacts

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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