Canada Prime Minister Justin Trudeau makes his way to his seat at the start of the First Ministers Meeting in Ottawa, Tuesday, Oct. 3, 2017. (Adrian Wyld/The Canadian Press via AP)

Budget watchdog says federal deficit this year to be $16.1 billion

Corporate income-tax revenues are $3 billion higher than the watchdog forecast in October

The parliamentary budget watchdog is projecting the federal deficit this fiscal year will come in $2.1 billion lower than the Liberals have predicted.

Yves Giroux’s office chalks up the change to higher-than-anticipated income-tax revenues that the government has collected this fiscal year, which closes in March.

A report out this morning from the parliamentary budget office predicts that this year’s budget deficit will be $16 billion, less than the $18.1 billion the Liberals anticipate.

Had the economy been weaker or tax revenues lower, the report says, the federal deficit for the 2018-2019 fiscal year could have hit $23.2 billion when taking into account extra spending in Finance Minister Bill Morneau’s fall economic update.

READ MORE: Finance Department predicts federal budget will be balanced by 2040

More than half the $7.2-billion swing in the projection is due to stronger tax revenues than Giroux predicted in the fall.

The report says corporate income-tax revenues are $3 billion higher than the watchdog forecast in October.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Kimberley’s Nordic Racers at Haywood Western Cross Country Championships

The Kimberley Nordic Racers sent some of their best skiers to Whistler… Continue reading

East Kootenay Performing Arts Festival – Enter Now

The East Kootenay Performing Arts Festival (EKPAF) is rapidly approaching! (Feb 21-Mar… Continue reading

News from the Kimberley Garden Club

Submitted by Marilee Quist Happy belated New Year,Bulletin readers! To those who… Continue reading

Snow Fiesta Bonspiel at the Kimberley Curling Club

The Kimberley Curling Club hosted the Snow Fiesta Mixed Bonspiel tournament over… Continue reading

Three Kimberley organizations to benefit from Columbia Basin Trust PLAYS grants

The Adventure Park at Swan Ave. is one step closer to becoming a reality.

Officials reaching out to those in contact with Canada’s first coronavirus patient

The illness has sickened at least 1,975 people and killed 56 in China

Putting faces to names of fallen soldiers

Woman looking for anyone who remembers a Kimberley soldier who died in Holland in 1945

Kobe Bryant killed in California helicopter crash: reports

NBA star was reportedly in his private helicopter at the time of the crash

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Risk of coronavirus low in B.C. as first case emerges in Toronto: officials

There have been no confirmed cases of the virus in B.C.

‘Presumptive case’ of coronavirus in Canada confirmed by Ontario doctors

Man in his 50s felt ill on his return to Canada from Wuhan, China

People knowingly take fentanyl so make policy changes to reduce harm: B.C. study

Dr. Jane Buxton, an epidemiologist at the centre, says drug users need more resources,

‘My heart is going to bleed’: Bodies brought back to Canada following Iran plane crash

Remains of Sahar Haghjoo, 37, and her eight-year-old daughter, Elsa Jadidi, were identified last weekend

Most Read