Canada Prime Minister Justin Trudeau makes his way to his seat at the start of the First Ministers Meeting in Ottawa, Tuesday, Oct. 3, 2017. (Adrian Wyld/The Canadian Press via AP)

Budget watchdog says federal deficit this year to be $16.1 billion

Corporate income-tax revenues are $3 billion higher than the watchdog forecast in October

The parliamentary budget watchdog is projecting the federal deficit this fiscal year will come in $2.1 billion lower than the Liberals have predicted.

Yves Giroux’s office chalks up the change to higher-than-anticipated income-tax revenues that the government has collected this fiscal year, which closes in March.

A report out this morning from the parliamentary budget office predicts that this year’s budget deficit will be $16 billion, less than the $18.1 billion the Liberals anticipate.

Had the economy been weaker or tax revenues lower, the report says, the federal deficit for the 2018-2019 fiscal year could have hit $23.2 billion when taking into account extra spending in Finance Minister Bill Morneau’s fall economic update.

READ MORE: Finance Department predicts federal budget will be balanced by 2040

More than half the $7.2-billion swing in the projection is due to stronger tax revenues than Giroux predicted in the fall.

The report says corporate income-tax revenues are $3 billion higher than the watchdog forecast in October.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Fire Department called to trailer fire south of Cranbrook

Cranbrook Fire Department and emergency services were called to the scene of… Continue reading

Outlaws host West Kootenay in Tournament

The Cranbrook Lacrosse Association had their first indoor lacrosse tournament of the year

Rogues look to build on last season success

The Rocky Mountain Rogues have started practices for their 2019 season

Accident at downtown Cranbrook intersection

Emergency personnel were on the scene of an accident at 2nd Street… Continue reading

Ecosystem restoration burns planned for Premier Lake area

Burns to start within next two weeks depending on weather conditions

‘No answers:’ Canadians react to Sri Lanka bombings that killed hundreds

The co-ordinated bomb attacks killed at least 207 people and injured 450 more on Easter Sunday

Hugs & Slugs

Slugs: Huge Slugs to the rude, abusive elderly couple at the Superstore… Continue reading

B.C. fire department rescues kittens

Enderby homeowner not aware kittens in wood pile near garbage pile fire that got out of hand

QUIZ: How much do you know about Easter?

Take this short quiz and put your knowledge to the test

B.C. VIEWS: NDP’s lawyer show is turning into a horror movie

Court actions pile up over pipelines, car insurance, care aides

Global Affairs warns Canadians in Sri Lanka there could be more attacks

A series of bomb blasts killed at least 207 people and injured hundreds more

Structure fire displaces Sparwood family

Family uninjured. One pet lost. House remains uninhabitable due to severe damage.

Waste not: Kootenay brewery leftovers feed the local food chain

Spent grains from the Trail Beer Refinery are donated to local farmers and growers, none go to waste

Most Read