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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. CTV Two CTV News CTV News Channel BNN - Business News Network CP24