Ottawa/CMEDIA: A deficit of reportedly $3.3 billion has been posted by the federal government in the first three months of its fiscal year
April-to-June period compared with a $2.9 billion deficit for the same stretch last year.
Increases in customs import duties related to Canada’s counter-tariffs on American goods together with higher corporate and personal income tax revenues largely contributed to the increased revenues.
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Program expenses excluding net actuarial losses rose $5 billion, or 4.6 percent, the Finance Department said
Due to the impact of lower interest rates on treasury bills largely offset by higher average effective rates on an increased stock of marketable bonds, Public debt charges decreased $100 million, or 0.6 percent.
Net actuarial losses fell $900 million, or 46.8 per cent.
