Canada Posts Budgetary Deficit of $1 Billion in 2015–16
October 7, 2016 – Ottawa, Ontario – Department of Finance Canada
The Department of Finance Canada today released the Annual Financial Report of the Government of Canada for 2015–16. The Government posted a budgetary deficit of $1.0 billion for the fiscal year that ended on March 31, 2016.
- Revenues totalled $295.5 billion in 2015–16, $13.1 billion more than 2014–15, representing an increase of 4.6 per cent, largely reflecting growth in income tax revenues and other taxes and duties.
- Expenses totalled $296.4 billion in 2015–16, $16.0 billion more than 2014–15, an increase of 5.7 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses.
- Personal income tax revenues increased by $9.2 billion, or 6.7 per cent, reflecting gains in personal income and tax planning by high-income individuals to recognize income in the 2015 tax year before the new 33 per cent tax rate came into effect in 2016.
- As reported by the International Monetary Fund, Canada’s total government net debt-to-GDP (gross domestic product) ratio, which includes the net debt of the federal, provincial/territorial and local governments, as well as the net assets held in the Canada Pension Plan and Québec Pension Plan, stood at 26.7 per cent in 2015.
- Canada continues to have the lowest total government net debt-to-GDP ratio among the Group of Seven (G7) countries, at less than half the G7 average.
- For the 18th consecutive year, the Government has received an unmodified audit opinion from the Auditor General of Canada on the consolidated financial statements.
- Annual Financial Report of the Government of Canada—2015–2016
- Fiscal Reference Tables—October 2016
- Frequently Asked Questions About the Annual Financial Report
Office of the Minister of Finance
Department of Finance Canada