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Canada posts budgetary surplus in 2014-2015 fiscal year

Staff writer |
Canada posted a budgetary surplus of 1.9 billion Canadian dollars ($1.4 billion) for the fiscal year which ended on March 31, 2015, according to the Annual Financial Report released by the Department of Finance.

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The budgetary surplus exceeds the fiscal projection for 2014-15 presented in the 2015 budget, which forecasted a budgetary deficit of 2 billion Canadian dollars ($1.5 billion).

The department said the figure is a reversal of a deficit of 5.2 billion Canadian dollars ($3.9 billion) posted for the previous fiscal year. It brought an end to a six-year streak of deficits, which began in the 2008-2009 fiscal year.

The better-than-forecast budget balance reflects higher revenue than projected, the report said.

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