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

Green setting new records in Speed Skating

Maple Ridge club hosts annual Jingle Bell Cup

Metro real estate sales rebound in second half of year

Maple Ridge, Pitt Meadows sales rise over 70 per cent in last three months

OP-ED: Nothing inconvenient about safe ride home

Operation Red Nose will drive you and your vehicle home in Maple Ridge and Pitt Meadows.

Maple Ridge wants to push through to 240th Street

Council endorses another step for Abernethy Way extension

West Coast Express Santa Train coming to Maple Ridge and Pitt Meadows

Free return ticket downtown Vancouver in exchange for donation for the Maple Ridge Pitt Meadows Christmas Hamper Society

Fashion Fridays: Ethical and sustainable gifts for the season

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Residents in B.C. city could face 133% tax hike in ‘worst case’ lawsuit outcome: report

An average home could see a tax increase of $2,164 in one year

Province wants to seize Langley property connected to drug lab

The Office of Civil Forfeiture is targeting a property on Fraser Highway

B.C. Transit finds 28 used fareboxes online, saves $300,000

‘Someone joked maybe we can buy used fareboxes on eBay,’ CEO says

Many of Canada’s working poor can’t afford lawyers, don’t qualify for legal aid

One lawyer says many people earn too much to qualify for legal aid, but not enough to really live on

Economy lost 71,200 jobs in November, unemployment rate climbs to 5.9%

Jobless rate is at its highest since August 2018, when it hit 6%

VIDEO: John Lennon’s iconic Rolls Royce rolls into Vancouver Island college for checkup

Royal BC Museum, Camosun College and Coachwerks Restorations come together to care for car

VIDEO: Rockslide closes part of Highway 93 in Fairmont Hot Springs

Geotechnical team called in to do an assessment after rocks fell from hoodoos

Chilliwack mom gives back to neonatal unit with Christmas stocking drive

Ashley Durance is paying it forward to other families and their babies following daughter’s NICU stay

Most Read