Feds post $5.8B deficit in first half of 2019-20 fiscal year

Compare that to a surplus of $1.2 billion in the same period last year

People make their way along Parliament Hill in Ottawa on Wednesday, Nov. 13, 2019. THE CANADIAN PRESS/Sean Kilpatrick

People make their way along Parliament Hill in Ottawa on Wednesday, Nov. 13, 2019. THE CANADIAN PRESS/Sean Kilpatrick

The federal government ran a deficit of $5.8 billion over the first six months of its 2019-20 fiscal year compared with a surplus of $1.2 billion in the same period last year.

The Finance Department says the deficit came as program expenses climbed $12.4 billion to $156.9 billion compared with $144.5 billion last year.

The increase in spending was due to increases in major transfers to persons, major transfers to other levels of government and direct program expenses.

Revenues were up $6.1 billion at $164.1 billion compared with $158 billion a year ago, due to increases in personal and corporate income tax revenues, according to the department’s monthly fiscal monitor.

Public debt charges increased by $700 million to nearly $13 billion compared nearly $12.3 billion with a year ago due to higher consumer price index adjustments on real return bonds and a higher average effective interest rate on Government of Canada treasury bills.

READ MORE: Re-elected Liberals would still run big deficits, despite new taxes

The Liberal government forecasted a deficit in last spring’s budget of $19.8 billion for the 2019-20 fiscal year.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Commercial Street and other areas of Nanaimo’s downtown are now part of a new business improvement area following a petition-against process this spring. (Chris Bush/News Bulletin)
LETTER TO THE EDITOR: BIA process wasn’t fair to small business

Mom-and-pop shops will be challenged to pay the levy during hard times, says letter writer

Nanaimo RCMP report that a number of scams, many of them familiar, have recently resurfaced in Nanaimo and cost victims thousands of dollars. (File photo)
Nanaimo man scammed after lending money and receiving fake gold jewelry in return

RCMP provide details of several recent scams to warn the public

A memorial to former Abbotsford and RCMP police officer Shinder Kirk in Cedar, B.C. Kirk died in a car accident on Cedar Road in December 2018. (Chris Bush/News Bulletin)
Trial begins in Nanaimo for man involved in car crash that killed retired police sergeant

RCMP accident reconstructionist takes stand in trial of Conrad Nikolaus Wetten

Next week Nanaimo singer Laura Kelsey is releasing her new single A Foolish Thing and its accompanying music video. (Video still courtesy Greg Nuspel)
Nanaimo singer joined by wolf, dancers in new music video

‘A Foolish Thing’ is Laura Kelsey’s first professionally made single in seven years

B.C. Minister of Mental Health and Addictions Sheila Malcolmson announces an app that is intended to connect children and youths with mental health and addictions services. (B.C. Government image/Flickr)
5 years in the making: Mental health app for youths launches in B.C.

The province provided $1.6 million to fund virtual care platform

B.C. Minister of Mental Health and Addictions Sheila Malcolmson announces an app that is intended to connect children and youths with mental health and addictions services. (B.C. Government image/Flickr)
5 years in the making: Mental health app for youths launches in B.C.

The province provided $1.6 million to fund virtual care platform

Police were on the scene of a fatal shooting in Abbotsford. (Black Press Media files)
B.C. government to give more than $8 million for programs to curb gang violence

221 not-for-profit projects led by local governments and school districts among others will receive a one-time grant

Gord Judson steers his log truck down a forest service road, using two-way radio and call signals to mark his position for oncoming traffic. (B.C. Forest Safety Council)
Planning some B.C. wilderness fishing? Don’t catch a log truck

Remote recreation areas bracing for heavy pandemic pressure

Former University of British Columbia student Stephanie Hale, 22. THE CANADIAN PRESS/Jeff Bassett
Human Rights Tribunal to hear complaint against UBC Okanagan for ‘mishandling’ sexual assault report

Stephanie Hale did not return to campus after the student she alleges attacked her was cleared of wrongdoing

Jennifer Coffman, owner of Truffle Pigs in Field, B.C., poses beside her business sign on Thursday, May 6, 2021, in this handout photo. Her restaurant and lodge have been hit hard by a closure of a section of the Trans-Canada Highway and by the British Columbia government discouraging Alberta residents from visiting during the pandemic. THE CANADIAN PRESS/HO-Jennifer Coffman, *MANDATORY CREDIT*
‘Why we survive’: B.C. boundary towns struggle without Albertans during pandemic

Jennifer Coffman’s restaurant is located in the tiny community of Field, which relies on tourism

NEW CUTLINE Payphone use is declining dramatically. (Black Press Files)

This payphone sits just east of TD Bank in Parksville, on Harrison Avenue. (Emily Vance photo)
Last call approaches for Vancouver Island payphones?

Some payphones don’t get used for days as mobile phones diminishing need

Garden centre manager Jack Olszewski and Chris Beaudoin say business has grown by 50 per cent at the Sooke Home Hardware Store. (Rick Stiebel - Sooke News Mirror)
Flower power: COVID restrictions fuel bloom boom on Vancouver Island’

More people seeking flowers to add colour, says Sooke landscaper

A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
B.C. to start releasing neighbourhood-specific COVID numbers after data leak

Documents obtained by the Vancouver Sun show cases broken down by neighbourhoods

Ladysmith RCMP safely escorted the black bear to the woods near Ladysmith Cemetary. (Town of Ladysmith/Facebook photo)
Black bear tranquillized, relocated after wandering around residential Ladysmith

A juvenile black bear was spotted near 2nd Avenue earlier Friday morning

Most Read