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OTTAWA — The federal government fell $7.5 billion into the red during the first two months of this fiscal year, compared to a budgetary deficit of $0.9 billion for the same period a year earlier, the Finance Department said Friday.
There was a $4-billion deficit in April — the start of the government`s fiscal 2009-10 year — and a deficit of $3.5 billion in May as revenues fell by $2.6 billion, or 6.9 per cent, "largely reflecting lower corporate income tax and goods and services revenues," the department said.
Part of the drop in revenue was due to tax cuts contained in the government`s January budget, it said.
Read the full article here.
There was a $4-billion deficit in April — the start of the government`s fiscal 2009-10 year — and a deficit of $3.5 billion in May as revenues fell by $2.6 billion, or 6.9 per cent, "largely reflecting lower corporate income tax and goods and services revenues," the department said.
Part of the drop in revenue was due to tax cuts contained in the government`s January budget, it said.
Read the full article here.