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OTTAWA, Ontario, July 25 -- The Department of Finance Canada issued the following news release:
Finance Minister Joe Oliver today released The Fiscal Monitor for April and May 2014.
There was a budgetary deficit of $1.1 billion in the April to May 2014 period, compared with a $2.7-billion deficit for the same period in the previous year.
Revenues increased by $1.6 billion, or 3.8 per cent, largely reflecting increases in income taxes and excise taxes and duties. Program expenses were up $0.2 billion, or 0.6 per cent, as increases in major transfers to persons and other levels of government were largely offset by a decrease in direct program expenses.
Public debt charges decreased by $0.2 billion, or 3.1 per cent, reflecting a lower stock of market debt as a result of assets maturing under the Insured Mortgage Purchase Program in 2013-2014, as well as a lower average effective interest rate on bonds.
- Corporate income tax revenues were up $0.6 billion, or 12.1 per cent, in the April to May 2014 period while personal income tax revenues rose $0.8 billion, or 3.9 per cent.
- Major transfers to persons, consisting of elderly benefits, Employment Insurance benefits and children's benefits, increased by $0.3 billion, or 2.7 per cent.
- Direct program expenses in the April to May 2014 period were down $0.5 billion, or 2.9 per cent, from the same period in the prior year.
- Fiscal Monitor http://www.fin.gc.ca/fiscmon-revfin/2014-04-eng.asp
- Future Release Dates of The Fiscal Monitor http://www.fin.gc.ca/pub/fm-rf-index-eng.asp
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