Ottawa posts $2-billion deficit for July compared with $1.4 billion a year ago
Sep 27, 2013 / 8:04 am
OTTAWA - The federal government posted a deficit of $2 billion in July 2013, compared with a deficit of $1.4 billion in the same month last year.
The increase came as government revenue dropped by $500 million due to lower personal and corporate income tax revenue.
Personal income tax revenue was down by $200 million at roughly $10.5 billion, while corporate income tax revenue was off by $1.3 billion at $454 million, due to timing related issues.
The drop was offset in part by an increase in excise taxes and duties, employment insurance premiums and other revenue.
Total program spending increased by $24 million, while public debt charges increased by roughly $100 million.
For the April to July period, Ottawa posted a deficit of $4.5 billion compared with a deficit of $4.2 billion in the same four-month period a year ago.
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