Skip to main content

The Globe and Mail

Ottawa posts $6.7-billion deficit in March, remains ahead of pace for year

A Canadian flag flies on under the Peace Tower in Ottawa on March 3, 2010. Ottawa says it posted a $6.7-billion deficit in March 2014, the first monthly shortfall after three consecutive surpluses.


Ottawa says it posted a $6.7-billion deficit in March, the first monthly shortfall after three consecutive surpluses.

The end of the fiscal year setback was expected as last year March's deficit was even worse at $8.0-billion.

But for the year as a whole that ended March 31, the federal government remains on pace to beat its budget target of a $16.6-billion shortfall.

Story continues below advertisement

Before the usual final accounting adjustments, the accumulated deficit for the 2013-14 fiscal year currently sits at $12.1-billion, which puts the federal government more than $4-billion ahead of pace of its projections.

The Department of Finance says revenue increases of 5.2 per cent – $13.2-billion over last year – were the main reason for the improved balance position.

Program expenses also rose, but at a more moderate 2.8 per cent pace, or $6.8-billion more than last year.

Public debt charges were down about $176-million.

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨