Archived - Canada Posts Budgetary Surplus of $1.9 Billion in 2014–15
September 14, 2015 – Ottawa, Ontario – Department of Finance
The Department of Finance today released the Annual Financial Report of the Government of Canada for 2014–15. The Government posted a budgetary surplus of $1.9 billion for the fiscal year that ended on March 31, 2015.
The budgetary surplus exceeds the fiscal projection for 2014–15 presented in the 2015 budget, which forecasted a budgetary deficit of $2.0 billion.
- Revenues totalled $282.3 billion in 2014–15, $10.7 billion more than 2013–14, representing an increase of 3.9 per cent.
- Expenses totalled $280.4 billion in 2014–15, $3.6 billion more than 2013–14, reflecting increases in major transfers to persons and other levels of government, offset in part by decreases in direct program spending and public debt charges.
- The federal debt-to-GDP ratio (the difference between total liabilities and total assets as a percentage of gross domestic product) stood at 31.0 per cent at March 31, 2015, down from 32.3 per cent the year before.
- Canada continues to have the lowest total government net debt-to-GDP ratio among the Group of Seven (G-7) countries, and less than half the G-7 average.
- For the 17th 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
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