March 22, 2017 / 8:43 PM / 6 months ago

Canada budget surplus rises slightly in January from year ago

Canada's Prime Minister Justin Trudeau (R) and Finance Minister Bill Morneau walk to the House of Commons to deliver the budget on Parliament Hill in Ottawa, Canada March 22, 2017. REUTERS/Patrick Doyle

OTTAWA (Reuters) - Canada posted a slightly larger surplus in January compared with a year ago as revenues increased in most areas, including corporate income tax, the Finance Department said on Wednesday.

The government ran a surplus of C$1.24 billion, up from C$1.07 billion in January 2016. Revenues rose 7.1 percent in January from the year before, though program expenses similarly rose 7.7 percent.

Looking at the fiscal year to date, Canada swung to a deficit of C$12.75 billion from April 2016 to January 2017, compared with a surplus of C$4.27 billion in the same time period the year before.

Expenses were up 8.7 percent, lifted by increased payments in children’s benefits after the Liberal government revamped benefits to families last July.

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