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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Filed by Daniel Tencer  |