Sunday , August 7 2022

Trudeau government posted $ 300 million over the first nine months of 2018-19



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Ottawa saw higher revenues of in-house employment insurance taxes and premiums in the first nine months of the financial year.

Sean Kilpatrick / Canada Press

OTTAWA – An introductory analysis of the federal books says that the government is running a budget surplus of $ 300 million through the first nine months of the financial year.

The surplus is an improvement of compared to April-to-December in 2017-18, when Ottawa posted a $ 8.9 billion deficit.

The latest financial monitoring of the Finance Department says that the general revenues exceeded $ 19.3 billion, or 8.7 per cent, compared to the same period last year, partly due to higher revenues of taxes and premiums Incoming employment insurance.

The report says that the costs of programs up to $ 8.4 billion, or 3.9 per cent, compared to the same nine months last year, due to increased transfers to individuals, to other levels from government and due to an increase in direct program spending.

The financial monitoring also stated that public debt payments had risen by $ 1.7 billion, or 10.3 percent, mainly due to the effective higher interest rate on government debt and higher inflation adjustments.

Last November, the fiscal update of the Liberation reduction predicted that the government was on track to run annual deficits of $ 18.1 billion in 2018-19, $ 19.6 billion in 2019-20 and $ 18.1 billion in 2020-21.

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