December 21, 2018 1:19 pm
Updated: December 21, 2018 1:21 pm

Ottawa ran surplus of $92 million during first 7 months of 2018, Department of Finance says

Ottawa ran a small surplus of $92 million through the first seven months of its fiscal year, compared with a deficit of nearly $6.6 billion in the same period last year as revenue has increased faster than spending. The Canadian Flag is illuminated by morning light atop the Peace Tower on Parliament Hill in Ottawa on Monday, Sept. 17, 2018.

THE CANADIAN PRESS/Sean Kilpatrick
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Ottawa ran a small surplus of $92 million through the first seven months of its fiscal year, compared with a deficit of nearly $6.6 billion in the same period last year as revenue has increased faster than spending.

The government’s February budget predicted a deficit of $18.1 billion for the current 2018-19 fiscal year, which ends in March.

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According to the monthly fiscal monitor report from the Department of Finance, revenue totalled nearly $186.1 billion between April and October, up about 8.3 per cent from $171.8 billion in the same period last year.

The increase came due to rises in tax revenue, employment-insurance premiums and other revenues.

Program spending has topped $171.8 billion, up about 3.7 per cent from $165.8 billion over the same stretch last year, while public debt charges so far this fiscal year totalled more than $14.1 billion, up 12.1 per cent from almost $12.6 billion.

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For the month of October, which is as far as the latest report goes, the federal government posted a deficit of $1.1 billion, compared with a deficit of about $400 million in the same month last year.

 

© 2018 The Canadian Press

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