Federal government posts $18.3B deficit for April 2012-March 2013

The Canadian Press
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OTTAWA — The federal government posted a deficit of $18.3 billion before adjustments for the 12 months ended March 31 on Friday.

The results compared with a deficit of $21.6 billion in the same period a year earlier.

The Finance Department said the results were in line with the March budget which projected a $25.9-billion deficit after the year-end adjustments.

Federal government revenue for the 12-month period totalled $253.9 billion, up by $3.4 billion from a year earlier, helped by higher income tax revenues, tariffs and Employment Insurance premiums.

Program spending totalled $243.2 billion, up by $2.7 billion due to an increase in the amount of money transferred to the provinces and to individuals.

This was partially offset by lower program expenses.

Public debt charges were $29 billion, down by $2 billion.

Sonya Gulati, a senior economist at TD Economics, said the “whopping” $6.5 billion deficit for March brought the fiscal monitor numbers in line with the government’s projected deficit.

“All along, Fiscal Monitor numbers seemed out of sync with official deficit estimates in fiscal update and budget documents,” Gulati said in a note.

“We were waiting for either significant improvement in the deficit tally come Public Accounts time or a sizable deficit in March. We got the latter.”

Organizations: Employment Insurance, TD Economics

Geographic location: OTTAWA

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  • marilyn
    May 31, 2013 - 23:18

    so if we got rid of the senate at 92 million dollar plus perks and the federal adds ay 100 millions dollars and mp with added perks having to sit on extra duties that pay 733 dollars a minute to sit for 2 days at 110 thousand dollars same thing our pm that travels with armored cars but you are seen walking through the streets did not need armored cars then media is great they follow every where so me harper why did you need 2 armored cars in India . this government is courting the taxpayers way to much . you realizes that we are the ones that pay your salary's so how come you get all the perks' I for one have never followed politic but my family and friend have made me a wear of what's going on in our country and we as seniors need to know how our kids and grandkids will make out in this world we have senators less just say Duffy and wallin duffy does not live in pei and wallin does not live in her riding either they should not be in senat they need to got of our payroll