Deficit stands at $27.4 billion for first three quarters of fiscal 2010-11

The Department of Finance has released The Fiscal Monitor for the month of December 2010, summarizing federal government fiscal results for that month and for the first three quarters of the 2010-11 fiscal year.

Overall, for the first nine months of the fiscal year, the deficit stood at $27.4 billion, as compared to the $39.4 billion deficit recorded for the same period in the 2009-10 fiscal year. The change in the fiscal picture was attributable largely to a $12 billion increase in revenues, arising largely from higher personal and corporate income tax revenues, as well as increases in revenue from the goods and services tax. Program expenses were also down by $1.0 billion on a year-over-year basis.

More details of the fiscal picture for the month of December and for the April to December 2010 period are outlined in The Fiscal Monitor, which can be found on the Department of Finance Web site at http://www.fin.gc.ca/n11/11-017-eng.asp.

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