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Canada’s deficit ticks higher to $13.2B – Business – CBC News

Canada’s deficit ticks higher to $13.2B – Business – CBC News.

The devastating Alberta floods this summer made a significant dent in the federal government's finances this year.The devastating Alberta floods this summer made a significant dent in the federal government’s finances this year. (The Canadian Press)

The Canadian government has spent $13.2 billion more than it has taken in so far this year, a slightly larger deficit than the one for the same period in 2012.

The Department of Finance said Monday the federal deficit was $13.2 billion for the fiscal year up to October. That’s ahead of the $11.9 billion during the same period in 2012.

But that data is skewed by two major one-time events that impacted Ottawa’s finances: The Alberta floods of last summer, and the government’s sale of $700 million worth of GM shares in September.

Excluding the two events, the annual deficit would have been slightly smaller, at $11.1 billion.

For the fiscal year as a whole, Ottawa has taken in $144.9 billion and spent $158.2 billion so far. On a monthly basis, October’s deficit was $2.5 billion, the same as the one from the same month last year.

“The Government remains on track to balance the budget in 2015,” the department said in a release.

 

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