Feds post $5.8B deficit in first half of 2019-20 fiscal year

Compare that to a surplus of $1.2 billion in the same period last year

People make their way along Parliament Hill in Ottawa on Wednesday, Nov. 13, 2019. THE CANADIAN PRESS/Sean Kilpatrick

The federal government ran a deficit of $5.8 billion over the first six months of its 2019-20 fiscal year compared with a surplus of $1.2 billion in the same period last year.

The Finance Department says the deficit came as program expenses climbed $12.4 billion to $156.9 billion compared with $144.5 billion last year.

The increase in spending was due to increases in major transfers to persons, major transfers to other levels of government and direct program expenses.

Revenues were up $6.1 billion at $164.1 billion compared with $158 billion a year ago, due to increases in personal and corporate income tax revenues, according to the department’s monthly fiscal monitor.

Public debt charges increased by $700 million to nearly $13 billion compared nearly $12.3 billion with a year ago due to higher consumer price index adjustments on real return bonds and a higher average effective interest rate on Government of Canada treasury bills.

READ MORE: Re-elected Liberals would still run big deficits, despite new taxes

The Liberal government forecasted a deficit in last spring’s budget of $19.8 billion for the 2019-20 fiscal year.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Delta Police Department joins integrated forensics team

Forensics-trained DPD officers will investigate scenes in other cities as well as in Delta

COLUMN: Scott Road density will help affordability and livability

‘It’s not just good for the environment, it’s good for people,’ writes Delta Coun. Dylan Kruger

Delta police searching for Ladner robbery suspect

The incident took place in the 5400-block Ladner Trunk Road shortly before noon on Saturday, Dec. 7

Madchild headlines ‘Hip Hop For Hunger’ at Surrey’s Strumms ‘n Drums club

Venue at Turf Hotel has hosted a variety of music events in recent months

Ten of 11 people taken into custody after shooting in Surrey have been released

Police say four guns, two Tasers, drugs and other weapons were seized after home shot at in Whalley

VIDEO: Kenney lays out key demands for meeting with Trudeau

Alberta Premier Jason Kenney aims for clear signs of federal action on two-day Ottawa trip

Province sues over sailing incident that killed teen with disabilities

Gabriel Pollard, 16, died from injuries after marine lift failed

Hope’s illicit drug death rate rivals Vancouver

Small Fraser Valley district listed among top five per capita in B.C.

First Nations want Big Bar landslide cleared ASAP to allow fish passage

Leadership calling for urgent action and resources to remove obstruction on the Fraser

Assessed value of Lower Mainland homes expected to decrease in 2020

Other areas of province may see modest increases over last year’s values

TransLink CEO ‘hopeful’ SkyTrain shutdown can be averted with last-minute deal

No extra buses will be on the roads if strike goes ahead

Chilliwack family’s therapy dog injured in hit and run

Miniature pit bull Fifty’s owner is a single mother facing close to $10,000 in vet bills

Cougar destroyed in Penticton area after mauling dog, killing cat

This is the first reported incident with a cougar this year in the Penticton area

Don’t expect extra bus service during impending SkyTrain strike, CMBC says

Full SkyTrain shutdown is scheduled to start Tuesday morning

Most Read