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Ottawa reports $3.3B deficit for first eight months of 2014-15

Fiscal monitor shows the federal books received a boost from a $6.5-billion drop in the government's direct program spending.

January 30, 2015   by The Canadian Press

OTTAWA — The Canadian government says it posted a budgetary deficit of $3.3 billion over the first eight months of the 2014-15 fiscal year – a considerable change from the $13.4 billion shortfall over the same period in 2013-14.

The Finance Department’s latest fiscal monitor shows the federal books received a boost from a $6.5-billion drop in the government’s direct program spending between April and November 2014, compared to the same period the year before.

The report says the government also saw a $6.3-billion increase in revenues over the first eight months of 2014.

For the month of November, the document says the government posted a $600-million surplus.

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That compares with the government’s deficit of $600 million in November 2013.

In its fall fiscal update, the Harper government projected a $2.9-billion deficit by the end of the 2014-15 fiscal year.

© 2015 The Canadian Press

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