Archived - Release of The Fiscal Monitor

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The Government Remains on Track to Balance the Budget in 2015

January, 31, 2014–Ottawa, Ontario– Department of Finance

Finance Minister Jim Flaherty today released The Fiscal Monitor for November 2013.

There was a budgetary deficit of $0.6 billion in November 2013, compared with a deficit of $1.7 billion in November 2012.

Revenues increased by $1.7 billion, or 8.2 per cent, reflecting increases in most revenue streams. Program expenses increased by $0.6 billion, or 3.3 per cent. Public debt charges decreased by $0.1 billion, or 2.0 per cent.

Quick Facts

  • For the April to November 2013 period of the 2013–14 fiscal year, the budgetary deficit stood at $13.8 billion, compared with a deficit of $13.6 billion reported in the same period of 2012–13. Absent the impact of the 2013 Alberta flood and the gain realized on the sale of General Motors common stock, the deficit for the April to November 2013 period would have been $11.7 billion.
  • Revenues for the same period were up $5.8 billion, or 3.6 per cent, reflecting increases in personal income tax, non-resident income tax, Goods and Services Tax, Employment Insurance premium and other revenues.
  • Program expenses to date for the 2013–14 fiscal year were up $6.1 billion, or 3.9 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses. Public debt charges were down $0.1 billion, or 0.5 per cent.

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Media Contacts

Marie Prentice
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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