Archived - Release of The Fiscal Monitor for November 2014

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The Department of Finance reports a budgetary surplus of $0.6 billion in November 2014; the Government remains on track to balance the budget in 2015

January 30, 2015 – Ottawa, Ontario – Department of Finance

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

There was a budgetary surplus of $0.6 billion in November 2014, compared with a deficit of $0.6 billion in November 2013. 

Revenues increased by $1.0 billion, or 4.5 per cent, as increases in personal income tax revenues and other revenues were partially offset by a decrease in corporate income tax revenues. Program expenses decreased by $0.1 billion, or 0.4 per cent, as a decrease in direct program expenses was largely offset by increases in major transfers to persons and other levels of government. Public debt charges decreased by $0.1 billion, or 5.5 per cent.  

Quick Facts

  • For the April to November 2014 period of the 2014–15 fiscal year, the Government posted a budgetary deficit of $3.3 billion, compared with a deficit of $13.4 billion reported in the same period of 2013–14.
  • During the same period, revenues were up $6.3 billion, or 3.8 per cent, reflecting increases in all revenue sources, except other revenues.  
  • Program expenses were down $3.3 billion, or 2.0 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 $0.5 billion, or 2.5 per cent, largely reflecting a lower average effective interest rate on bonds.

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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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