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Ottawa, March 29, 2012
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for January 2012.
There was a budgetary surplus of $1.7 billion in January 2012, compared to a deficit of $0.3 billion in January 2011. This surplus, the first since February 2009, largely reflects the recording of a $1.6-billion receivable from British Columbia for the repayment of federal transitional assistance, resulting from the province’s decision to exit the Harmonized Sales Tax. The repayment will follow a schedule agreed to between the two governments in January 2012. These results have been incorporated in Economic Action Plan 2012, released today.
Revenues increased by $1.7 billion, or 7.7 per cent, reflecting increases in most revenue streams. Program expenses were down $0.2 billion, or 1.3 per cent, reflecting a decrease in transfer payments, partially offset by an increase in other program expenses. Public debt charges decreased by $0.1 billion.
For the first 10 months of the 2011–12 fiscal year, the budgetary deficit stood at $16.0 billion, compared to a deficit of $27.7 billion reported in the same period of
Revenues were up $8.7 billion, or 4.6 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 $3.3 billion, or 1.7 per cent. Public debt charges were up $0.3 billion.
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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