Close X
Thursday, November 28, 2024
ADVT 
National

Federal deficit hit $48.5 billion in July

Darpan News Desk The Canadian Press, 24 Sep, 2021 01:58 PM
  • Federal deficit hit $48.5 billion in July

OTTAWA - The federal government ran a deficit of more than $48 billion over the first four months of its fiscal year, about $100 billion less than the treasury pumped out during the same period one year earlier.

The Finance Department's regular fiscal monitor says the budgetary deficit between April and July was just under $48.5 billion, down from the almost $148.6 billion recorded over the same months in 2020 when COVID-19 first struck.

Friday's fiscal monitor says the deficit to date now reflects current economic challenges caused by COVID-19, including ongoing public health restrictions.

Program spending, excluding net actuarial losses, between April and July was $154billion, a decline of about $58.1 billion, or 27.4 per cent drop, from the $212.1 billion in the same period one year earlier.

The fiscal monitor says the decline largely reflects lower amounts paid in emergency benefits to individuals and businesses.

Year-over-year, wage subsidy payments dropped to $12.5 billion from $30.6 billion and emergency benefits to workers fell to $10.2 billion from $29.9 billion.

The government announced in late July that it was extending emergency benefits given economic conditions. They will now last until Oct. 23.

Revenues between April and July reached over $118.5 billion, which was a $44.6-billion, or 60.3 per cent, increase from the $73.9 billion in the same period of the previous fiscal year, driven primarily by higher tax revenues.

Public debt charges were $7.8 billion, up $1 billion or 14.5 per cent, compared to the $6.8 billion recorded between April and July of 2020, which largely reflects higher consumer price index adjustments on real return bonds.

 

MORE National ARTICLES

402 COVID19 cases for Thursday

402 COVID19 cases for Thursday
81.7% (3,785,216) of eligible people 12 and older in B.C. have received their first dose of COVID-19 vaccine and 68.4% (3,172,287) have received their second dose.

402 COVID19 cases for Thursday

Most B.C. COVID cases are in 20- to 40-year-olds with one or fewer doses: top doctor

Most B.C. COVID cases are in 20- to 40-year-olds with one or fewer doses: top doctor
British Columbia's top doctor says the surge in COVID-19 cases is fuelled by those between the ages of 20 and 40 who are unvaccinated or have only had one dose.

Most B.C. COVID cases are in 20- to 40-year-olds with one or fewer doses: top doctor

Have your say on B.C.’s permanent paid sick leave

Have your say on B.C.’s permanent paid sick leave
British Columbians are invited to provide input into the development of made-in-B.C. permanent paid sick leave to support workers and protect workplaces.

Have your say on B.C.’s permanent paid sick leave

Vancouver Police identify a 40 year old as victim of its 11th homicide

Vancouver Police identify a 40 year old as victim of its 11th homicide
Bailey was shot inside the London Hotel at around 5 a.m. on July 20. Two suspects fled the area prior to police arrival. VPD investigators believe the incident was targeted. The investigation is active and ongoing.

Vancouver Police identify a 40 year old as victim of its 11th homicide

Mandatory vaccination possible for federal workers

Mandatory vaccination possible for federal workers
Prime Minister Justin Trudeau says he is considering making COVID-19 vaccinations mandatory for some federally regulated workplaces such as airlines. It is the first time Trudeau has openly supported any form of compulsory vaccinations.

Mandatory vaccination possible for federal workers

Falkland, B.C., evacuated as wildfire threatens

Falkland, B.C., evacuated as wildfire threatens
The wildfire service says fire danger in the southern Interior is ranked high to extreme and strong winds forecast over the White Rock Lake fire have the potential to cause further flare-ups through the day.

Falkland, B.C., evacuated as wildfire threatens