Canada Govt 8-Mo Surplus C$6.08B; Nov Surplus C$304M
>>>I believe that I have previously extolled the virtues of expatriating $$$$ to Canada and once there, putting them in NG. Canada has been running a surplus, unlike the US. (I don't know if Canada plays games as the US does with Social Security, but it is at least nominally in the black.) While the Loonie has fallen relative to the buck since July, if the current Canadian surplus vice US deficit continues, then the situation will reverse. Did I mention that crude closed above $59 on Friday? Think of the implications of Canada being a net exporter of crude vice the US being a net importer if the rise continues. Buy those Loonies before its too late.<<<
DOW JONES NEWSWIRES
January 23, 2007 3:00 p.m.
OTTAWA (Dow Jones)--The Canadian government's budget surplus in April through November was C$6.08 billion (US$5.15 billion), down from C$6.59 billion in the year-earlier period as the rate of spending rose faster than revenue, according to data from the finance department Tuesday.
The surplus in November widened to C$304 million from C$85 million, the department said in its monthly Fiscal Monitor. The government's fiscal year runs from April 1-March 31.
Finance Minister Jim Flaherty's economic and fiscal update on Nov. 23 forecast a C$7.2 billion surplus for the current fiscal year, double the original projection in the 2006 Budget.
Revenue in the eight months rose 4.6% to C$146.19 billion. The government collected C$70.25 billion from personal income taxes and C$19.13 billion from corporate taxes, up 9.2% and 9.5%, respectively, from a year ago. Excise taxes and duties were down 5.9% C$30.11 billion, including an 8.5% drop in receipts from the goods and services tax. The GST was cut to 6% from 7% last July.
Program spending was up 6.4% to C$117.46 billion from higher transfer payments and increased operating costs of government departments and agencies, including defense. Public debt charges fell 0.6% to C$22.65 billion. Total budget spending was up 5.2% to C$140.11 billion.
Revenue in November rose 6.0% to C$18.31 billion with receipts from personal income taxes up 10.9% to C$8.56 billion and corporate taxes up 4.1% to C$2.49 billion. There was also a big gain from non-resident withholding taxes during the month, which jumped almost three-fold to C$994 million. The finance department said a big part of it was from a one-time payment from the sale of Canadian assets by a non-resident company. GST receipts dropped 18.4% to C$2.45 billion.
Program spending in November rose 7.8% to C$15.30 billion. Public debt charges fell 9.4% to C$2.71 billion. Total budget spending was up 4.8% to C$18.01 billion.
Web site fin.gc.ca |
