Archived - Canada Posts Budgetary Surplus of $1.9 Billion in 2014–15

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Annual Financial Report shows budgetary surplus for 2014–15, compared to deficit of $5.2 billion one year earlier

September 14, 2015 – Ottawa, Ontario – Department of Finance

The Department of Finance today released the Annual Financial Report of the Government of Canada for 2014–15. The Government posted a budgetary surplus of $1.9 billion for the fiscal year that ended on March 31, 2015.

The budgetary surplus exceeds the fiscal projection for 2014–15 presented in the 2015 budget, which forecasted a budgetary deficit of $2.0 billion.

Quick Facts

  • Revenues totalled $282.3 billion in 2014–15, $10.7 billion more than 2013–14, representing an increase of 3.9 per cent.
  • Expenses totalled $280.4 billion in 2014–15, $3.6 billion more than 2013–14, reflecting increases in major transfers to persons and other levels of government, offset in part by decreases in direct program spending and public debt charges.  
  • The federal debt-to-GDP ratio (the difference between total liabilities and total assets as a percentage of gross domestic product) stood at 31.0 per cent at March 31, 2015, down from 32.3 per cent the year before.
  • Canada continues to have the lowest total government net debt-to-GDP ratio among the Group of Seven (G-7) countries, and less than half the G-7 average.
  • For the 17th consecutive year, the Government has received an unmodified audit opinion from the Auditor General of Canada on the consolidated financial statements.

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Media Contacts

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance

Stéphanie Rubec
Media Relations
Department of Finance

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