Canada posts budget surplus at start of fiscal year

Wed Jul 22, 2015 9:35am EDT
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OTTAWA (Reuters) - The Canadian government had a budget surplus in the first two months of the fiscal year on increased revenues and gains from the sale of the government's holdings in General Motors (GM.N: Quote), the finance department said on Wednesday.

The surplus in April was C$2.54 billion ($1.95 billion), compared to a deficit of C$1.41 billion in April 2014, while May's surplus was C$1.40 billion, up from C$267 million the year before.

For the 2015-16 fiscal year that started in April, the government had a surplus of C$3.95 billion.

(Reporting by Leah Schnurr; Editing by Chizu Nomiyama)

Canada's Finance Minister Joe Oliver speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Canada, June 17, 2015. REUTERS/Chris Wattie