July 28, 2017 / 3:09 PM / 4 months ago

Canada posts small budget surplus at start of fiscal year

OTTAWA (Reuters) - Canada posted a small budget surplus in the first two months of the new fiscal year as revenue was boosted by personal and corporate income taxes, the Finance Department said on Friday.

A Canada Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration

In April to May, the government had a surplus of C$68 million ($55 million), slightly smaller than a C$114 million surplus seen over the same two months last year. The current 2017-18 fiscal year began in April.

In its budget released earlier this year, the government forecast a deficit of C$28.5 billion for the fiscal year as part of its plan to bolster the economy.

Revenue was up 4.7 percent in April and May compared to the year before as income from personal, corporate and non-resident taxes all rose.

But program expenses rose 6 percent as children’s benefits were higher after the government revamped a program for families last July. Benefits to the elderly and unemployed also rose.

Reporting by Leah Schnurr, editing by Andrea Hopkins

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