Canada Deficit Narrows to C$12.1 Billion in 2013-14

Canada’s deficit shrank to C$12.1 billion ($11.1 billion) in the fiscal year ended March 31, according to preliminary government figures released today, as revenue from taxes increased.

While the figures are below the C$16.6 billion shortfall forecast in its Feb. 11 budget, the government typically adjusts the final tally later in the year. Canada “remains on track to balance the budget in 2015,” the finance department said in a statement.

Revenues increased 5.2 percent in the year to C$267.3 billion, outpacing a 2.8 percent increase in program spending to C$250.6 billion billion, the Department of Finance said. Debt-service charges declined to C$28.8 billion.

Today’s reported showed a budget deficit for March of C$6.7 billion, down from C$8.0 billion the same month a year earlier. Revenue rose 10.7 percent on higher income-tax receipts, while program expenses rose 3.9 percent.

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