Close X
Sunday, November 10, 2024
ADVT 
National

Federal government posts $8.2 billion deficit between April and September this year

Darpan News Desk The Canadian Press, 21 Nov, 2023 04:52 PM
  • Federal government posts $8.2 billion deficit between April and September this year

The federal government recorded a budgetary deficit of $8.2 billion between April and September, $3.9 billion of which was in September. 

The finance department says in its monthly fiscal monitor that the deficit between April and September compared to a surplus of $1.7 billion during the same period last year. 

Government revenues increased by $3.5 billion, or 1.7 per cent, a reflection of higher higher interest revenues and other non-tax revenues.

Program expenses excluding net actuarial losses were up $8.9 billion, or 4.8 per cent, from the same period a year earlier.

Public debt charges were up $5.7 billion, or 33.1 per cent, largely due to higher interest rates but partly offset by lower Consumer Price Index adjustments on Real Return Bonds.

Net actuarial losses decreased by $1.1 billion, or 23.2 per cent, compared with the same period last year.

Key highlights from the Liberals' 2023 fall economic statement

Finance Minister Chrystia Freeland tabled her fall economic statement on Tuesday, updating Canadians on the country's financial health and introducing some new measures to target the housing crisis.

Here are the highlights.

— $20.8 billion: New federal spending since the spring budget.

— $488.7 billion: Total government spending for the current fiscal year, through the end of March 2024.

— 1.1 per cent: The real rate of GDP growth for 2023. Growth is expected to decline to 0.4 next year, but the government says it doesn't expect the slowdown to result in a recession.

— $40 billion: The updated deficit for this year.

— $38.4 billion: Next year's projected deficit — a $3.4-billion increase from the government's previous projection.

— $15 billion: The amount of money expected to go toward loan funding, beginning in the 2025-2026 fiscal year, to build more than 30,000 homes across Canada.

— $1 billion: The cost of a new affordable housing fund over three years, beginning in 2025-2026, which the federal government projects will help build 7,000 new homes.

— Up to $7 billion: The proportion of a cleantech economic investment fund being allocated for special contracts intended to give companies the confidence they need to make major investments to lower their greenhouse-gas emissions.

— $309 million: Funding for a new co-operative housing development program, which the government says will go toward a co-developed program that it expects to launch in early 2024.

— $35 million: The projected cost of a public inquiry into foreign interference attempts, including $10 million this year, $22 million in 2024-2025 and $3 million in 2025-2026.

— $50 million: Money the government is proposing to spend over three years, starting next year, to support municipalities in cracking down on short-term rentals. The federal government also intends to deny income tax deductions when short-term rental operators are not complying with provincial and municipal rules.

— $129 million: The amount of money over five years that the government expects to spend on an updated Canadian journalism tax credit, beginning this year. Ottawa proposes to increase the cap on labour expenditures per eligible newsroom employee to $85,000, from $55,000. It is also increasing the amount of salary that can be claimed under the program to 35 per cent, from 25 per cent.

— Mortgage relief: The government says it will update its mortgage charter to ensure that financial institutions offer tailored relief and reasonable payments for borrowers.

— Tax break for co-ops: Co-operative housing corporations that provide long-term rental accommodations will be eligible for the removal of the GST on new rental housing.

— Tax break for therapy: The federal government will exempt GST and HST from psychotherapy and counselling services.

— Tackling junk fees: Ottawa is taking a more detailed look at so-called junk fees. It aims to make sure that airlines seat children under the age of 14 next to their accompanying adults at no extra cost and have the Canadian Radio-television and Telecommunications Commission launch an investigation into international mobile roaming charges.

— Adoption benefit: The fiscal update says a shareable, 15-week adoption benefit will be available as part of the employment insurance system, starting this year.

— Seasonal workers: The government says up to four additional weeks of regular employment insurance benefits will be available to seasonable workers beginning this year.

— Right to repair: Ottawa is moving to prevent manufacturers from refusing to provide the means of repairs of devices and products.

 

MORE National ARTICLES

Israel increases strikes on Gaza ahead of expected ground invasion

Israel increases strikes on Gaza ahead of expected ground invasion
Israel has escalated its bombardment of targets in the Gaza Strip ahead of an expected ground invasion against Hamas militants.  The stepped-up attacks, and the rapidly rising death toll in Gaza, came as Hamas released two elderly Israeli women who were among the hundreds of hostages it captured during its devastating attacks on towns in southern Israel earlier this month.

Israel increases strikes on Gaza ahead of expected ground invasion

Macklem warned premiers about dangers of putting BoC's independence at risk

Macklem warned premiers about dangers of putting BoC's independence at risk
Bank of Canada Governor Tiff Macklem warned premiers who publicly asked the central bank to not raise interest rates last month that their requests could undermine the institution's independence. The premiers of Ontario, British Columbia and Newfoundland and Labrador wrote to Macklem ahead of the Bank of Canada's Sept. 6 rate decision, outlining concerns about the effects of higher rates on their residents and asking the central bank not to raise its key rate further.

Macklem warned premiers about dangers of putting BoC's independence at risk

Canada's defence minister says Hamas a threat to world, must be 'eliminated'

Canada's defence minister says Hamas a threat to world, must be 'eliminated'
Defence Minister Bill Blair says Hamas is a terrorist organization that is a threat to the whole world and must be "eliminated." Blair also says he has no expectation that Hamas would respect international law, including any agreement on a ceasefire.

Canada's defence minister says Hamas a threat to world, must be 'eliminated'

Grocers called back to Parliament to testify about plans to stabilize prices

Grocers called back to Parliament to testify about plans to stabilize prices
A House of Commons committee is asking the heads of Canada's major grocery chains to appear before MPs and explain their plans to stabilize food prices. The agriculture committee passed an NDP motion on Thursday to invite the grocery executives, or summon them if necessary, to testify about the measures their companies are taking to address food inflation.

Grocers called back to Parliament to testify about plans to stabilize prices

Over 1600 weekend incidents: VPD

Over 1600 weekend incidents: VPD
Vancouver police say officers responded to more than one-thousand-600 incidents over the weekend, fuelled in part by multiple demonstrations across the city. Sergeant Steve Addison says recent geopolitical events have driven the protests, and police will continue to deploy extra officers to manage the situations as they arise.  

Over 1600 weekend incidents: VPD

Pedestrian death in Kelowna

Pedestrian death in Kelowna
Mounties are investigating the death of a pedestrian who was struck by a vehicle in Kelowna's Rutland neighbourhood over the weekend. Police say they believe the death on Saturday afternoon is related to an earlier event where officers responded to a complaint of a group of teens using bear spray on people. 

Pedestrian death in Kelowna