Federal Government Reports $ 3.2 Billion Surplus During First Two Months of Fiscal Year

The federal government generated a surplus of $ 641 million in the second month of its fiscal year, thanks to an increase in tax revenues.

For the first two months of the fiscal year, the government posted a surplus of $ 18.1 billion in the budget for the year of 2018 to 2018-2019, but the Office of the Director parliamentary budget has forecast a deficit of $ 22.1 billion.

According to the Ministry of Finance's monthly report on tax audits, revenues increased by $ 4.3 billion for the first two months combined. This represents an increase of 8.6% over April and May 2017, mainly due to growth in personal, corporate and sales tax revenues, and a 5.1% increase in revenues from the same period last year. Employment Insurance.

million for the fiscal year so far, or 1.6 percent over the same period last year. This increase is attributable to the increase in transfers to other levels of government, direct program spending and transfers to individuals, particularly seniors' benefits, which increased by approximately $ 400 million, or 5.1%. , reflecting the aging of the population and adjustments for inflation. ] Public debt charges increased by $ 500 million over the same period a year ago, or 12.4%. The jump was due to upward adjustments for real return bond inflation.