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

Truck smashes into multiple parked vehicles in Kelowna

The driver of a truck was taken to hospital with undetermined injuries

Kelowna writer of controversial Conservative Facebook post apologizes

Writer suggested Defence Minister Harjit Sajjan got his job because of affirmative action

Kelowna’s definitive Christmas market list

We’ve prepared a list of every market in the Central Okanagan

Kelowna designer marches stick men into the greeting card market

Markku Luopa has started a passion project, Stick People Cards.

Stuart Park outdoor rink to reopen for winter

The outdoor ice rink is scheduled to be open Dec. 1

VIDEO: People with diabetes meet their alert dogs

A diabetic alert dog is trained to detect low blood sugar in people who have Type 1 diabetes

Livestock truck filled with pigs crashes into ditch off Highway 1

Two tow trucks, RCMP officers and traffic control personnel helped with the recovery near Salmon Arm

Truck smashes into multiple parked vehicles in Kelowna

The driver of a truck was taken to hospital with undetermined injuries

Hunter who saved B.C. man pinned inside smashed truck says ‘God was sending me to him’

Sayward man describes chance discovery of Duncan Moffat, 23, in northern Vancouver Island woods

Road-weary Canucks thumped 6-2 by Wild

Vancouver hosts the Montreal Canadiens on Saturday

Toronto private school didn’t report alleged sexual assault to police

Police say a sexual assault at an all-boys Catholic institution was not reported to them

China says butt out; Canada calls for release of “arbitrarily” detained Muslims

A Chinese foreign ministry spokeswoman accused Canada’s envoy of going beyond their diplomatic roles

Harsh storms have nearly tripled power outages in last five years, BC Hydro says

More frequent and severe storms have damaged Hydro’s electrical systems since 2013

Dead Saskatoon tattoo artist’s skin removed and preserved

The skin was removed in honour of the well known artist’s work

Most Read