Canada `In Line' With C$25.9 Billion Deficit Target

Canada’s fiscal results are “in line” with the government’s C$25.9 billion ($25 billion) deficit target for the previous fiscal year, the finance department said today.

While data released for the 12 months through March 31 show the nation’s deficit fell to C$18.3 billion from C$21.6 billion, the results aren’t final, the department said in an e-mailed statement. Adjustments reflecting tax return assessments and changes in asset valuations will be made “once further information becomes available,” it said.

Finance Minister Jim Flaherty released a fiscal plan on March 21 that projected the deficit for the fiscal year that began April 1, 2012 would fall to C$25.9 billion from C$26.2 billion in the previous fiscal year.

Today’s report showed the budget deficit for March narrowed to C$6.51 billion from C$8.96 billion a year earlier. March revenue dropped 4.8 percent on lower receipts from personal income taxes. Total expenses fell 10.8 percent in March from the year before.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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