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World

Canada records C$282.56 billion budget deficit over first 11 months of 2020/21

  • "The unprecedented shift in the government's financial results reflects the severe deterioration in the economic situation and temporary measures implemented," it said in a statement.
  • On a monthly basis, Canada posted a deficit of C$14.37 billion in February 2021, compared to the C$3.58 billion surplus recorded in February 2020.
Updated 30 Apr 2021

OTTAWA: Canada's budget deficit in the first 11 months of fiscal 2020/21 swelled to C$282.56 billion ($230.04 billion) from a deficit of C$6.98 billion in the year-ago period, as Ottawa spent heavily to fight the COVID-19 pandemic, the finance ministry said on Friday.

"The unprecedented shift in the government's financial results reflects the severe deterioration in the economic situation and temporary measures implemented," it said in a statement.

Year-to-date revenues dropped 14.1% reflecting a broad-based decline in tax and other revenues, which include items like Crown corporation profits. Year-to-date program expenses, meanwhile, jumped 81.6% largely due to emergency transfers to individuals, businesses and the provinces.

On a monthly basis, Canada posted a deficit of C$14.37 billion in February 2021, compared to the C$3.58 billion surplus recorded in February 2020.

Monthly revenues were down 9.3% on a decline in tax and other revenues. Program expenses climbed 58.1%, again on COVID-19 response measures.