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.

Just Posted

CSOPA’s six spring productions in Chilliwack include play about boy with autism

Mix of musicals, comedy, mystery and more for Chilliwack School of Performing Arts’ May shows

Chilliwack’s hospital morgue needs an expansion

Fraser Health plans to more than double the space for ‘decedents’; upgrade antiquated elevators

Chilliwack Mounties pitch tickets to three-strike motorists

When street signage and Speedwatch didn’t work, drivers met with traffic officers

Chilliwack Hospice Society gearing up for annual Hike

Funds raised at Chilliwack walk remain local to help support programs for community members

Fraser Health reminds parents to get their kids fully vaccinated against measles

Health authority will send letters home to parents with catch-up program information

What’s age got to do with it? B.C. couple with 45-year gap talks happy marriage

An Armstrong couple that has 45-year age gap began turning heads after being featured on show Extreme Love.

WATCH: South Vancouver Island shooting an ‘isolated and targeted’ incident, say police

One person in custody, another fled following shooting and crash on West Shore

Woe, Canada: Bruins down Maple Leafs 5-1 in Game 7

No Canadian teams left in Stanley Cup playoffs

Defence accuses officer of ‘incompetence’ in trial for B.C. man accused in daughters’ murder

Double murder trial for the Victoria father accused of killing his two young daughters continues

Should B.C. parents receive money if they make sure their kids are vaccinated?

New survey looks at public opinion around government’s role in forcing immunizations

Loud jets from Abbotsford are annoying residents of tiny U.S. town

Flights out of Abbotsford airport turn over border town and annoy residents, Sumas mayor says

Olympic auditions return to Lower Mainland

Event an opportunity for unknown athletes to shine and, maybe, change sports

B.C. men challenge constitutionality of Canada’s secret no-fly list

Parvkar Singh Dulai says he received a “denial of boarding” notification under the no-fly program last May 17

Murder on B.C. property didn’t need to be disclosed before sale, court rules

Buyer had tried to break contract after learning a man with ties to crime had been murdered there

Most Read