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

Blades cut through Kootenay Ice 8-3

The Ice couldn’t come back against the Saskatoon Blades after an early three-goal deficit

Gord McArthur back in action from retirement

After eight years McArthur slew his kryptonite at the World Cup Ice Climbing tour in Switzerland

RDEK takes steps towards reducing carcass pit use

The first step towards addressing the issue of carcass pits in the… Continue reading

Celtic tradition is Heather Rankin’s musical starting point

Cape Breton singer’s Key City Theatre stop her first show of 2019, first solo show in B.C.

Soccer registration in full swing for 2019

KEYSA has started their soccer registration for the REP/development and house streams

B.C. students win Great Waters Challenge video contest

Video, mural and song about saving the salmon claims the top prize

Woensdregt: ‘Imprinting the Day’

Rev. Yme Woensdregt Many of us, even faithful believers, feel like we… Continue reading

Ammonia leak shuts down curling club in Nelson

It’s not yet clear when the leak was detected

Pavelski’s 31st goal helps Sharks top Canucks 3-2

Vancouver one point out of second NHL wild-card spot

Columbia Valley RCMP searching for misisng person

Police ask for help in finding Elizabeth Stewart, who hasn’t contacted family since Jan. 14

East Kootenay illicit drug overdose deaths lowest in B.C.

Local expert credits harm reduction efforts; declares support for legalization of opioids

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Ontario police field complaints over Amber Alert for missing girl, 11, found dead

Some said the Amber Alert issued late Thursday for Riya Rajkumar disrupted their sleep

Former B.C. premier Gordon Campbell accused of sexual touching

Accuser went to police, interviewed by Britian’s Daily Telegraph

Most Read