Archived - Canada Posts Budgetary Deficit of $1 Billion in 2015–16
October 7, 2016 – Ottawa, Ontario – Department of Finance Canada
The Department of Finance Canada today released the Annual Financial Report of the Government of Canada for 2015–16. The Government posted a budgetary deficit of $1.0 billion for the fiscal year that ended on March 31, 2016.
- Revenues totalled $295.5 billion in 2015–16, $13.1 billion more than 2014–15, representing an increase of 4.6 per cent, largely reflecting growth in income tax revenues and other taxes and duties.
- Expenses totalled $296.4 billion in 2015–16, $16.0 billion more than 2014–15, an increase of 5.7 per cent, reflecting increases in major transfers to persons and other levels of government and direct program expenses.
- Personal income tax revenues increased by $9.2 billion, or 6.7 per cent, reflecting gains in personal income and tax planning by high-income individuals to recognize income in the 2015 tax year before the new 33 per cent tax rate came into effect in 2016.
- As reported by the International Monetary Fund, Canada’s total government net debt-to-GDP (gross domestic product) ratio, which includes the net debt of the federal, provincial/territorial and local governments, as well as the net assets held in the Canada Pension Plan and Québec Pension Plan, stood at 26.7 per cent in 2015.
- Canada continues to have the lowest total government net debt-to-GDP ratio among the Group of Seven (G7) countries, at less than half the G7 average.
- For the 18th consecutive year, the Government has received an unmodified audit opinion from the Auditor General of Canada on the consolidated financial statements.
Office of the Minister of Finance
Department of Finance Canada
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