July 22, 2015 / 1:41 PM / 2 years ago

Canada posts budget surplus at start of fiscal year

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), the finance department said on Wednesday.

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

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

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