Deficit for 2016-17 Much Lower than Forecast: Future Deficits Could Also Be Lower Final audited financial results for 2016-17 were released on September 19th by the Department of Finance in the Annual Financial Report. The deficit for 2016-17 was reporte


Final audited financial results for 2016-17 were released on September 19th by the Department of Finance in the Annual Financial Report.  The deficit for 2016-17 was reported at $17.8 billion (about 0.8% of GDP)  $11.6 billion lower than that forecast in the March 2016 Budget and $5.3 billion lower than the revised estimate contained in the March 2017 Budget. Over half of the better-than-expected outcome relative to the March 2016 Budget was attributable to the inclusion of a $6 billion Contingency Reserve, which was not required.

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Fiscal Monitor for April – May 2017: A Small Surplus That Is Not Expected to Last


For the first two months of fiscal year 2017-18, the federal government posted a surplus of $68 million, compared to a surplus of $114 million from the same period in 2016-17. The slight deterioration in the surplus was largely attributable to a 28.3% year-over-year increase in the Canada Child Benefit, reflecting the 2016 Budget measures, which came into effect in July 2016.

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Fiscal Monitor for April – May 2017: A Small Surplus That Is Not Expected to Last


For the first two months of fiscal year 2017-18, the federal government posted a surplus of $68 million, compared to a surplus of $114 million from the same period in 2016-17. The slight deterioration in the surplus was largely attributable to a 28.3% year-over-year increase in the Canada Child Benefit, reflecting the 2016 Budget measures, which came into effect in July 2016.

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Final Outcome for 2016-17 will Depend on Impact of Tax Planning on Personal Income Tax results

In the March 2017 Budget, the Minister of Finance lowered his deficit forecast for 2016-17 from $25.1 billion to $23.0 billion. This improvement of $2.1 billion was primarily due to better-than-expected economic conditions and an increase in the lapse ($3.2 billion). These improvements were partially offset by provisions for anticipated Cabinet decisions ($0.9 billion) and the impact of new policy initiatives proposed in the March 2017 Budget ($0.3 billion).

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Fiscal Monitor for April 2016 to February 2017; Consistent with the Revised 2017 Budget Forecast for the Year as a Whole

Fiscal Monitor for April 2016 to February 2017; Consistent with the Revised 2017 Budget Forecast for the Year as a Whole

A surplus of $1.3 billion was reported for February 2017, compared to a surplus of $3.2 billion for February 2016. On a year-over-year basis, budgetary revenues were down $0.4 billion, while program expenses increased $1.5 billion. Public debt charges were virtually unchanged.

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Main Estimates: Reforms Fall Short of what is require

 

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