Finance Minister Bill Morneau arrives at the Standing Committee on International Trade on Parliament Hill in Ottawa, Tuesday October 16, 2018. THE CANADIAN PRESS/Adrian Wyld

Fed report to show $19-billion deficit in 2017-18

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget

The Liberal government’s annual financial report card to be released today will show Ottawa ran a shortfall of $19 billion in fiscal year 2017-18, which ended March 31.

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget.

But in May, the Finance Department’s fiscal monitor estimated the federal books would post a deficit of just $16.2 billion for last year.

Beyond 2017-18, Morneau’s February budget also forecasted an $18.1-billion shortfall for this fiscal year — a number that’s expected to gradually shrink to $12.3 billion in 2022-23, including annual $3-billion cushions to offset risks.

The change in the deficit means the federal debt-to-GDP ratio rises to 31.3 per cent from 30.4 per cent, despite Morneau’s repeated focused on reducing the measure, also known as the debt burden.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Chu Chua now live for 911 Fire Dispatch

Simpcw First Nation, along with the Chu Chua Volunteer Fire Department are… Continue reading

B.C. minister says rural internet is ‘railroad of the 21st century’

Jinny Sims talks details about the $50-million provincial and possible $750-million federal funds

Barriere Fire Rescue is looking for new members

Barriere Fire Rescue are actively recruiting new members for their brigade. They… Continue reading

Simpcw First Nation holds Swearing In Ceremony

Jules Phillip sworn in as new councillor at a ceremony held Mar. 12 in Chu Chua

Clearwater event features 5 km, 10 km and 21 km courses as well as a kids race

Submitted Mark your calendars—registration is now open for Clearwater’s first annual Candle… Continue reading

Five highlights in the 2019 federal budget

Latest budget includes a sprinkling of money for voters across a wide spectrum

Facebook to overhaul ad targeting to prevent discrimination

The company is also paying about $5 million to cover plaintiffs’ legal fees and other costs

B.C. mosque part of open-house effort launched in wake of New Zealand shootings

The ‘Visit a Mosque’ campaign aims to combat Islamophobia

‘That’s a load of crap’: Dog poop conspiracy spreads in White Rock

Allegation picked up steam through a Facebook page run by a city councillor

Explosives unit brought in after suspicious boxes left at B.C. RCMP detachment

Nanaimo RCMP issues all clear after packages were found on lawn earlier in the day

Newfoundland man caught after posting photo of himself drinking and driving

The 19-year-old took a photo of himself holding a beer bottle and cigarette while at the wheel

2019 BUDGET: As deficit grows, feds spend on job retraining, home incentives

Stronger economy last year delivered unexpected revenue bump of an extra $27.8 billion over six years

Carfentanil found in 15% of overdose deaths in January: B.C. coroner

Carfentanil is 100 times more powerful than illicit fentanyl and used to tranquilize elephants

Kids found playing darts with syringes in Vancouver Island park

Saanich police is urging people to throw out their syringes properly and safely

Most Read