Archived - Release of The Fiscal Monitor for January 2015

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The Department of Finance reports a budgetary surplus of $2.2 billion in January 2015; the Government remains on track to balance the budget in 2015

March 27, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Joe Oliver today released The Fiscal Monitor for January 2015.

There was a budgetary surplus of $2.2 billion in January 2015, virtually unchanged from the budgetary balance reported for January 2014.

Revenues increased by $0.4 billion, or 1.5 per cent, largely reflecting an increase in personal income tax revenues, offset in part by a decrease in non-resident income tax revenues. Program expenses increased by $0.7 billion, or 3.4 per cent, reflecting increases in major transfers to persons and direct program expenses. Public debt charges decreased by $0.3 billion, or 13.9 per cent, largely reflecting a lower average effective interest rate on bonds.

Quick Facts

  • For the April 2014 to January 2015 period of the 2014–15 fiscal year, the Government posted a budgetary surplus of $1.3 billion, compared with a deficit of $10.0 billion reported in the same period of 2013–14.
  • During the same period, revenues were up $7.7 billion, or 3.6 per cent, reflecting increases in most revenue streams.  
  • Program expenses were down $2.8 billion, or 1.4 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 $0.8 billion, or 3.2 per cent, largely reflecting a lower average effective interest rate on bonds.

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Media Contacts

Melissa Lantsman
Director of Communications
Office of the Minister of Finance
613-369-5696

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

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