May 2017

Final Outcome for 2016-17 will Depend on Impact of Tax Planning on Personal Income Tax results

In the March 2017 Budget, the Minister of Finance lowered his deficit forecast for 2016-17 from $25.1 billion to $23.0 billion. This improvement of $2.1 billion was primarily due to better-than-expected economic conditions and an increase in the lapse ($3.2 billion). These improvements were partially offset by provisions for anticipated Cabinet decisions ($0.9 billion) and the impact of new policy initiatives proposed in the March 2017 Budget ($0.3 billion).

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Fiscal Monitor for April 2016 to February 2017; Consistent with the Revised 2017 Budget Forecast for the Year as a Whole

Fiscal Monitor for April 2016 to February 2017; Consistent with the Revised 2017 Budget Forecast for the Year as a Whole

A surplus of $1.3 billion was reported for February 2017, compared to a surplus of $3.2 billion for February 2016. On a year-over-year basis, budgetary revenues were down $0.4 billion, while program expenses increased $1.5 billion. Public debt charges were virtually unchanged.

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