Posted by: Olgen K. Ifti | October 12, 2010

CBC News – Money – Deficit hits record $55.6B, Flaherty says

Canadian Finance Minister Jim Flaherty

Image via Wikipedia

Canadas federal deficit for the 2009-10 fiscal year is a record $55.6 billion, Finance Minister Jim Flaherty announced Tuesday.

That figure is almost $2 billion higher than the $53.8-billion deficit projected in the federal budget last March, and was largely prompted by a one-time transfer of $5.6 billion to Ontario and British Columbia to help them make the transition to the harmonized sales tax.

But thanks to more robust growth earlier this year, the deficit for the current 2010-11 fiscal year will likely come in $3.7 billion lower than the $49.2-billion figure projected earlier, Flaherty told a business luncheon in Mississauga, Ont.

via CBC News – Money – Deficit hits record $55.6B, Flaherty says.

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