Federal deficit for September shrinks to $3.9B

The federal government’s budget deficit in September was C$3.92 billion, a 21% improvement from $4.97 billion a year earlier thanks to stronger revenues, the Department of Finance said today. Revenues were up 13% to C$17.31 billion for the month, while expenses increased 3.1%.

In the first six months of the current fiscal year, April to September, Ottawa’s deficit of C$17.4 billion, was 39% lower than for the same period in 2009. Moreover of this C$17.4 billion a total 52% are for programs (C$9bn) implemented during the recession that will expire in March 2011.

It is important to remember that until 2009,

Canada

’s federal government was operating a surplus. Estimate for the current year’s deficit is C$55.6 billion, which is equivalent to a 4% deficit.

Source: Reuters

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