Canada Budget Deficit Clocks In At $2.2 Billion On Increased Revenue

Posted: Updated:

OTTAWA - The federal government posted a $2.2-billion deficit for June, down from a $2.8-billion shortfall in 2010 as revenue grew faster than spending.

For the first three months of its fiscal year, Ottawa posted a deficit of $5.5 billion compared with a deficit of $7.2 billion in the April-to-June period a year earlier.

The government says the results were "broadly consistent" with its 2011 budget plan.

For the month of June, revenue increased to $19.44 billion, up from $17.89 billion a year ago, as the government's take from both personal and corporate income taxes grew.

Personal income tax revenues for were up 7.5 per cent from a year ago, while corporate income tax revenues were up 8.2 per cent.

Program spending grew to $19.03 billion from $18.11 billion, while public debt charges grew to $2.61 billion, up from $2.58 billion.

Around the Web

Canada Budget Gap Narrows, "Broadly Consistent" With FY Forecast

Ontario cuts deficits ahead of tight election

Canada Is Flexible on Stimulus, Harper Says

Ontario's debt is higher than projected in the budget