Archived - Release of The Fiscal Monitor for March 2015

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The Department of Finance reports a $3.0-billion deficit in March; the Government remains on track to balance the budget in 2015

May 29, 2015 – Ottawa, Ontario – Department of Finance

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

There was a budgetary deficit of $3.0 billion in March 2015, down $3.7 billion from the budgetary deficit reported for March 2014.

Revenues increased by $4.6 billion, or 18.6 per cent, reflecting significant increases in corporate income tax revenues and other revenues. Program expenses increased by $1.3 billion, or 4.5 per cent, while public debt charges decreased by $0.4 billion.  

Quick Facts

  • For the April 2014 to March 2015 period, the Government posted a budgetary surplus of $2.9 billion, compared to a deficit of $11.4 billion reported for the same period of 2013–14.
  • Revenues were up $11.7 billion, or 4.4 per cent, reflecting increases in most revenue streams. 
  • Program expenses were down $1.2 billion, or 0.5 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 $1.5 billion, or 5.3 per cent.
  • These results do not include the fiscal impact of announced Government initiatives such as enhancements to the New Veterans Charter ($1.6 billion) and the Universal Child Care Benefit ($1.1 billion). The fiscal impact of these initiatives will be recorded once Bill C-59, the Economic Action Plan 2015 Act, No. 1, receives Royal Assent.

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Media Contacts

Melissa Lantsman
Director of Communications
Office of the Minister of Finance

Stéphanie Rubec
Media Relations
Department of Finance

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