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Canada  

Feds run $21.8B deficit

A preliminary analysis of the federal books suggests the government ran a 2016-17 deficit of $21.8 billion to put the Liberals close to their projection for the fiscal year.

The Trudeau government's spring budget projected a shortfall of $23 billion for the fiscal year, without counting a $3-billion risk adjustment added to the accounting framework.

The Finance Department's latest fiscal monitor says revenues were up $600 million or 0.2 per cent in 2016-17 compared with a year earlier.

It also says program expenses were $21.7 billion of 8.2 per cent higher.

The annual number came after the feds posted a deficit of $10.4 billion in March — which was comparable with its March 2016 shortfall of $9.4 billion.

The government says the 2016-17 figure is not the final result because end-of-year adjustments still need to be completed to account for tax-return assessments.



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