January 26, 2018 / 4:06 PM / a year ago

Canada posts smaller Nov budget deficit as revenues rise

OTTAWA, Jan 26 (Reuters) - Canada’s budget deficit decreased in November compared with the previous year as government revenues rose more quickly than program expenses, the finance department said on Friday.

The government posted a deficit of C$2.84 billion in November, compared with a shortfall of C$3.32 billion in November 2016.

Revenues in November increased 4.3 percent on higher receipts from personal income taxes. Revenues from corporate income taxes and excise taxes both fell.

Program expenses rose by a milder 1.5 percent, largely due to transfers for the elderly and children’s benefits.

For the first eight months of the fiscal year that began in April, the total deficit was C$9.12 billion, down from the C$12.66 billion shortfall from April-November 2016.

The government said in October it expects a deficit of C$19.9 billion in the current 2017-2018 fiscal year.

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