Newspaper article The Canadian Press

Ottawa Says Federal Deficit for 2016-17 Fiscal Year Was $17.8 Billion

Newspaper article The Canadian Press

Ottawa Says Federal Deficit for 2016-17 Fiscal Year Was $17.8 Billion

Article excerpt

Federal deficit for 2016-17 was $17.8B

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OTTAWA - The federal Finance Department says the government ran a smaller deficit than it was expecting in the spring budget, ending its 2016-17 fiscal year with a deficit of $17.8 billion.

That compared with a $23-billion deficit that was forecast in the spring budget.

The smaller-than-expected deficit came as revenue was $1.4 billion higher than expected due to higher GST revenue and non-resident income tax.

Program spending was also $3.7 billion lower than forecast due to lower-than expected infrastructure transfer payments; lower-than-expected bad debt expenses; and a downward adjustment to the expenses at the St. Lawrence Seaway Management Corp.

Public debt charges were about $100 million lower than forecast due to lower interest rates. …

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