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.