Close X
Sunday, November 24, 2024
ADVT 
National

Ottawa Posts $150 Million Surplus For July, $5.16 Billion For Fiscal Year To Date

The Canadian Press, 25 Sep, 2015 12:19 PM
    OTTAWA — The federal government's fiscal surplus crept higher in July as rising tax revenue grew at a faster pace than spending.
     
    Ottawa's surplus after four months of the 2015-16 financial year was $5.16 billion — including July's $150 million surplus.
     
    That compares with a deficit of $807 million through the April-to-July period last year, which included a $1.23-billion deficit for July 2014.
     
    According to the Finance Department's monthly fiscal monitor, revenue in July increased by $2.12 billion, or nearly 10 per cent, compared with last year. The report cited higher revenue from corporate income tax and the goods and services tax.
     
    Spending on federal programs in July increased by $858 million, or about four per cent, compared with a year earlier, boosted in large part by the increase and expansion of the universal child-care benefit.
     
    Public debt charges fell by $119 million, or nearly five per cent, due to lower interest rates.
     
    The government's spring budget projected a surplus of $1.4 billion for the 2015-16 fiscal year, which ends next March.
     
    The July figures come in the heat of the federal election campaign that's seen the party leaders try to position themselves as best for the economy.
     
    Both Conservative Leader Stephen Harper and NDP Leader Tom Mulcair have promised balanced budgets, however Liberal Leader Justin Trudeau has said he will run deficits to fund infrastructure spending.
     
    Harper said the government is on track to balance the budget this year.
     
    "Only our Conservative government has a plan to protect Canada's economy by ensuring our budget remains balanced and lowering taxes to create new jobs and make life more affordable for Canadian families and seniors," he said in a statement Friday.
     
    Earlier this month, the Finance Department said the government finished the 2014-15 fiscal year with a $1.9 billion surplus, well ahead of the $2-billion shortfall that was predicted in the spring budget.
     
    The 2014-15 surplus ended a streak of six straight deficits under the Conservatives.

    MORE National ARTICLES

    Akal Takht Pardons Dera Sacha Sauda Chief Gurmeet Ram Rahim Singh

    Akal Takht Pardons Dera Sacha Sauda Chief Gurmeet Ram Rahim Singh
    The Akal Takht -- the highest temporal seat of the Sikh religion -- on Thursday said it has pardoned Dera Sacha Sauda sect chief Gurmeet Ram Rahim Singh following a written apology from him.

    Akal Takht Pardons Dera Sacha Sauda Chief Gurmeet Ram Rahim Singh

    Indo-Canadian Lawyer Tony Bhullar Wants British Columbia Legislature Scrapped

    Indo-Canadian Lawyer Tony Bhullar Wants British Columbia Legislature Scrapped
    Former British Columbia legislator Tony Bhullar filed the suit in the Supreme Court of British Columbia on Tuesday, saying the Senate violates Canadian Charter of Rights and Freedoms

    Indo-Canadian Lawyer Tony Bhullar Wants British Columbia Legislature Scrapped

    Judge Sentences Raed Jaser And Chiheb Esseghaier In Via Train Terror Case To Life In Prison

    Judge Sentences Raed Jaser And Chiheb Esseghaier In Via Train Terror Case To Life In Prison
    Two men found guilty of terrorism charges after being accused of plotting to derail a passenger train were sentenced to life in prison Wednesday as a Toronto judge found neither of them had expressed remorse for their offences.

    Judge Sentences Raed Jaser And Chiheb Esseghaier In Via Train Terror Case To Life In Prison

    Morning Lawn Watering Ok As Metro Vancouver Water Restrictions Eased To Stage 1

    Morning Lawn Watering Ok As Metro Vancouver Water Restrictions Eased To Stage 1
    Metro Vancouver, the authority that governs water use for 21 local cities and municipalities, has downgraded its water restrictions to Stage 1.

    Morning Lawn Watering Ok As Metro Vancouver Water Restrictions Eased To Stage 1

    Search Called Off For White Rock Man Missing On Rugged Trail North Of Vancouver

    Search Called Off For White Rock Man Missing On Rugged Trail North Of Vancouver
    Officials with North Shore Rescue say that after consulting with police and the Provincial Emergency Program, the search for Neville Jewell has ended, unless new information surfaces.

    Search Called Off For White Rock Man Missing On Rugged Trail North Of Vancouver

    Searchers Close To Pinpointing Lost Hikers On Mount Seymour

    Searchers Close To Pinpointing Lost Hikers On Mount Seymour
    Searchers believe they are close to pinpointing the location of a Richmond, B.C., couple who has spent the night lost on Mount Seymour, in North Vancouver.

    Searchers Close To Pinpointing Lost Hikers On Mount Seymour