According to the latest Fiscal Monitor published by the Canadian Ministry of Finance the Canadian monthly budgetary deficit has fallen remarkably per annum. According to them the revenue increased by 8.1% each year as a result of higher personal income tax, corporate income tax and Goods and Services. It is also noted that the government expenditure fell by 3.2% reflecting lower transfer payments. Public debt charges, the cost of financing the nation’s debt, increased by CAD0.1bn during the month.
The budgetary deficit during the first five months of the fiscal year of Canada in April 2011 has been found of CAD15.4bn where the amount reported to be CAD21.5bn during the same period in FY2010-11. During this period, compared to the first five months of the 2010-11 fiscal year, revenues expanded by 4.5%, primarily reflecting higher income tax revenues. GST revenues fell during the period, compared to those recorded in 2010.
