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

First Posted: 08/26/11 12:03 PM ET Updated: 10/26/11 06:12 AM ET

Canada Budget Deficit
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.

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.

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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, O...
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, O...
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HUFFPOST SUPER USER
Jake Thomas
elastic
06:13 PM on 08/28/2011
How come there are no Fighter jets in that picture?
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HUFFPOST SUPER USER
piceaglauca
The picture says it all....
07:59 PM on 08/26/2011
I guess if you tell us often enough we are suppose to believe it. Not!
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Add In Canadia
Egotism is a weakness
04:59 PM on 08/26/2011
Since Canada is about a tenth the size of the USA (33 million vs 300 million), we just need to add a zero to the Canadian deficit to get a reflection of the difference between the deficit sizes and we geeet...

About 20 billion dollars vs 10 trillion...
Sheesh. How is a more "socialistic" government so much better at managing finances than the "capitalistic" government. So much so that the deficit is 500 times larger across the border.
HUFFPOST SUPER USER
LittleSanityLeft
08:03 PM on 08/26/2011
War, war, and war.
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john frodo
armchair expert
02:44 PM on 08/26/2011
Wow I cant believe they missed an opportunity to put a Harper picture up.