Ottawa runs $400M surplus in November
Government revenues were up 8.2% this fiscal year compared to last year.
OTTAWA — The federal government ran a budgetary surplus of $400 million in November – thanks in large part to a boost in corporate tax revenues compared to a year earlier.
The Finance Department’s monthly fiscal monitor also says Ottawa had a surplus of $1 billion over the first nine months of the 2015-16 fiscal year.
That figure for the April to November period compares with a $3.3-billion deficit over the same time frame in 2014-15.
A closer look at the numbers shows that government revenues were up 8.2% – or $14.2 billion – this fiscal year compared to last year.
Corporate tax revenues were up 23.1% over that span, while customs import duties rose 18.3%.
Ottawa’s total expenses were up 5.6% between April and November compared to the same period last year – pushed up in part by an 11.1% increase in major transfers to individuals.
© 2016 The Canadian Press