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[Canada] Federal government runs $517M deficit in April, May
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| Contributor | Monsieur |
| Last Edited | Monsieur Jul 25, 2008 01:08pm |
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| Category | News |
| Media | Website - CBC |
| News Date | Friday, July 25, 2008 05:00:00 PM UTC0:0 |
| Description | The federal government ran a deficit of roughly $500 million over April and May, the first two months of the current fiscal year, mainly due to lower corporate income tax and GST revenues.
Over the same time period last year, the government ran a $2.8 billion surplus.
The federal finance department said Friday that during this April and May revenues declined by $1.6 billion, or 4.1 per cent. The revenue estimates for the first two months of the year include the impact of tax reduction measures for people, businesses and the GST.
GST revenues dropped by $1 billion, or 20.9 per cent, partly as a result of the one percentage point reduction in the GST rate, which was effective Jan. 1, 2008. |
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