Close X
Wednesday, December 11, 2024
ADVT 
National

Deficit hit $282 billion in February, feds say

Darpan News Desk The Canadian Press, 30 Apr, 2021 05:40 PM
  • Deficit hit $282 billion in February, feds say

The federal government says it ran a budgetary deficit of $282.6 billion through 11 months of its fiscal year as revenues dropped and pandemic aid continued to flow.

The deficit from April to February compares to a deficit of $7 billion over the same period one year earlier.

The government says in its monthly fiscal monitor that the deep deficit reflects the unprecedented shift in economic activity and emergency spending in response to the COVID-19 pandemic.

Program spending, excluding net actuarial losses, ran up to nearly $515 billion between April and February, a $231.3-billion increase from the $283.6 billion one year earlier.

The federal wage subsidy contributed $71.2 billion to the figure, and benefits for hard-hit workers, families and seniors contributed $96.8 billion.

At the same time, revenues were $264.9 billion, a $43.5-billion drop from the same period one year earlier, driven by a decline in income and sales tax revenues, tax deferral measures, and a wider drop in economic activity.

Public debt charges hit almost $18.6 billion over 11 months of the last federal fiscal year, which compared to the $22 billion for the same stretch one year earlier, largely reflecting lower inflation and interest rates.

At the end of February, net federal debt was just over $1.1 trillion.

The Liberals' recent federal budget estimated that the final tally for the deficit for the 2020-2021 fiscal year would be $354.2 billion, and hit $154.7 billion in the fiscal year that began this month.

MORE National ARTICLES

Trudeau hints at openness to gun bill changes

Trudeau hints at openness to gun bill changes
The families, survivors of the mass shooting and witnesses said in a letter to the prime minister this week he would no longer be welcome at annual commemorations unless his government strengthens the bill.

Trudeau hints at openness to gun bill changes

39 year old New Westminster man charged in connection with indecent acts

39 year old New Westminster man charged in connection with indecent acts
Mr Sung was also charged on December 4th, 2020 with two counts of sexual assault in regards to a groping incident that occurred in the 200 block of 7th Street.

39 year old New Westminster man charged in connection with indecent acts

Vancouver Police warn public about an increase in cryptocurrency scams

Vancouver Police warn public about an increase in cryptocurrency scams
A cryptocurrency is a digital or virtual currency, like Bitcoin, that is essentially an online version of cash.

Vancouver Police warn public about an increase in cryptocurrency scams

COVID linked to risk of stillbirth, preeclampsia

COVID linked to risk of stillbirth, preeclampsia
Compared to asymptomatic patients, symptomatic patients were at double the risk of preterm birth and a 50 per cent increased risk of cesarean delivery.

COVID linked to risk of stillbirth, preeclampsia

Feds eye more cash for rapid-housing program

Feds eye more cash for rapid-housing program
Overall, the government is funding 179 projects and a further 52 more from major cities out of 679 applications that had a total funding request of over $4 billion.

Feds eye more cash for rapid-housing program

Tam: variants threatening vaccine progress

Tam: variants threatening vaccine progress
Prime Minister Justin Trudeau reiterated Friday that Canada is on pace to vaccinate all residents who want a vaccine by the end of September.

Tam: variants threatening vaccine progress