Budget deficit $7.1B April to July
Higher tax revenues helped Canada cut its budget deficit in the first four months of the fiscal year to $7.10 billion from $7.70 billion a year earlier, the Finance Department said on Friday.
The Conservative government, which has pledged to balance the books by 2014-15, forecasts that the 2011-12 budget deficit will be $32.3 billion.
Revenues from April to July increased by 3.2 percent to $78.02 billion, primarily reflecting increased corporate and personal income taxes. Spending was up 1.4 percent at $74.07 billion, while public debt charges rose 8.0 percent to $11.04 billion.
In July, the budget deficit was $1.60 billion compared with a shortfall of $470 million in July 2010.
- Friday, August 26, 2011: Canada's budget deficit narrows in April-June
- Wednesday, June 1, 2011: Budget office predicts bigger deficits
- Thursday, March 17, 2011: Canada deficit to shrink by 25% next year: Harper
- Friday, February 25, 2011: Budget deficit shrinks to $27B
- Friday, December 17, 2010: Canada budget deficit gets bigger in October
- Friday, November 26, 2010: Federal deficit for September shrinks to $3.9B
- Friday, October 22, 2010: Federal deficit widens in August
- Tuesday, October 12, 2010: Canada has bigger deficit, sees surplus in 2015-16
- Friday, September 24, 2010: Budget deficit shrinks in July