Ottawa, January 27, 2012
2012-007
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The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for November 2011.
There was a budgetary deficit of $1.9 billion in November 2011, compared to a deficit of $4.5 billion in November 2010.
Revenues decreased by $48 million, or 0.2 per cent, reflecting lower excise taxes and duties and other revenues, which were largely offset by higher income tax revenues. Program expenses were down $2.5 billion, or 11.9 per cent, in part reflecting the wind-down of Canada’s economic stimulus funding. Public debt charges decreased by $41 million.
For the first eight months of the 2011–12 fiscal year, the budgetary deficit stood at $17.3 billion, compared to a deficit of $26.0 billion reported in the same period of 2010–11.
Revenues were up $5.7 billion, or 3.9 per cent, primarily reflecting higher income tax revenues, which were partially offset by lower Goods and Services Tax revenues and other revenues. Program expenses were down $3.5 billion, or 2.3 per cent. Public debt charges were up $0.5 billion.
For further information, media may contact:
Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
