Finance Minister Bill Morneau arrives at the Standing Committee on International Trade on Parliament Hill in Ottawa, Tuesday October 16, 2018. THE CANADIAN PRESS/Adrian Wyld

Fed report to show $19-billion deficit in 2017-18

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget

The Liberal government’s annual financial report card to be released today will show Ottawa ran a shortfall of $19 billion in fiscal year 2017-18, which ended March 31.

The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget.

But in May, the Finance Department’s fiscal monitor estimated the federal books would post a deficit of just $16.2 billion for last year.

Beyond 2017-18, Morneau’s February budget also forecasted an $18.1-billion shortfall for this fiscal year — a number that’s expected to gradually shrink to $12.3 billion in 2022-23, including annual $3-billion cushions to offset risks.

The change in the deficit means the federal debt-to-GDP ratio rises to 31.3 per cent from 30.4 per cent, despite Morneau’s repeated focused on reducing the measure, also known as the debt burden.

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

Quintet jazzes it up in Vernon

Justin Glibbery group brings twist of jazz and pop

Tribute hails Holly at Lumby Winter Dance Party

Feb. 3, 1959 was “The Day the Music Died,” but it’s coming back Feb. 1, 2020

Penticton, Vernon hockey legends to be inducted into BC Hockey Hall of Fame

Vernon’s Eric Brewer and a record-breaking Penticton Vees team will join the HOF July 24

Vernon parent sounds alarm over ketamine and pill parties

RCMP have been notified and are investigating

Man missing from Vernon hotel

Jay Rosenberger, 38, was last seen Friday

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

Trans-Canada closed east of Golden due to avalanche hazard

The highway is estimated to reopen around 7 p.m.

Penticton Indian Band stands in solidarity with the Wet’suwet’en

“We’ve lived in this area for 10,000 years, and our knowledge is being disregarded…” - Chad Eneas.

UPDATE: Vernon’s Caetani Centre travelogue sold out

Executive Director Susan Brandoli will share photos of Caetani family’s place of origin

Former Hells Angels associate in Kelowna court on gun, drug charges

Former Angels associate Dale Habib appears in Kelowna court

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

Most Read