Ottawa, January 28, 2011
2011-008
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2010.
There was a budgetary deficit of $4.5 billion in November 2010, compared to a deficit of $4.4 billion in November 2009.
Revenues increased by $2.6 billion, or 15.4 per cent, reflecting increases in personal and corporate income tax revenues and other revenues, partially offset by a decline in Goods and Services Tax (GST) revenues. Program expenses were up $2.4 billion, or 12.9 per cent, largely reflecting an increase in transfer payments. Public debt charges increased by $0.3 billion.
The November 2010 financial results reflect the impact of the Government's sale of a portion of its holdings of common shares in General Motors and asset and liability revaluations associated with the automaker's initial public offering on November 18, 2010.
For the first eight months of the 2010–11 fiscal year, the budgetary deficit stood at $26.0 billion, compared to a deficit of $36.3 billion reported in the same period of 2009–10. Over $11 billion of the $26.0-billion deficit was attributable to actions taken under Canada's Economic Action Plan, including tax reductions, Employment Insurance related measures and infrastructure funding.
Revenues were up $10.5 billion, or 7.7 per cent, primarily reflecting higher personal and corporate income tax revenues, GST revenues and other revenues. Program expenses were down $0.5 billion, or 0.3 per cent. Public debt charges were up $0.6 billion on a year-over-year basis.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
