January 30, 2015 / 4:03 PM / 4 years ago

Canada posted C$622 million budget surplus in November

OTTAWA, (Reuters) - The Canadian government posted a budgetary surplus of C$622 million ($490 million) in November as an increase in revenues from personal income tax and other sources offset a decrease in corporate income tax, the finance department said on Friday.

The surplus compared to a deficit of C$554 million in November 2013. Revenues rose by C$971 million, while program expenses decreased by C$75 million.

For the April to November time period of the 2014-15 fiscal year, the government posted a deficit of C$3.33 billion, much narrower than the C$13.39 billion deficit seen in the same timeframe the year before.

The government has vowed to get back to a balanced budget in the 2015-16 fiscal year.

Reporting by Leah Schnurr; editing by David Ljunggren

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