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Release of The Fiscal Monitor

Press Release –

The Department of Finance reports a $1.1-billion deficit in April and May 2014; the Government remains on track to balance the budget in 2015

July 25, 2014 – Ottawa, Ontario– Department of Finance

Finance Minister Joe Oliver today released The Fiscal Monitor for April and May 2014.

There was a budgetary deficit of $1.1 billion in the April to May 2014 period, compared with a $2.7-billion deficit for the same period in the previous year.

Revenues increased by $1.6 billion, or 3.8 per cent, largely reflecting increases in income taxes and excise taxes and duties. Program expenses were up $0.2 billion, or 0.6 per cent, as increases in major transfers to persons and other levels of government were largely offset by a decrease in direct program expenses.

Public debt charges decreased by $0.2 billion, or 3.1 per cent, reflecting a lower stock of market debt as a result of assets maturing under the Insured Mortgage Purchase Program in 2013-2014, as well as a lower average effective interest rate on bonds.

Quick Facts

  • Corporate income tax revenues were up $0.6 billion, or 12.1 per cent, in the April to May 2014 period while personal income tax revenues rose $0.8 billion, or 3.9 per cent.
  • Major transfers to persons, consisting of elderly benefits, Employment Insurance benefits and children’s benefits, increased by $0.3 billion, or 2.7 per cent.
  • Direct program expenses in the April to May 2014 period were down $0.5 billion, or 2.9 per cent, from the same period in the prior year.

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Media Contacts

Melissa Lantsman
Director of Communications
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance


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