Report shows $19-billion federal deficit last year
Finance Minister Bill Morneau speaks during question period in the House of Commons on Parliament Hill, in Ottawa on Tuesday, Oct. 16, 2018. THE CANADIAN PRESS/Adrian Wyld
The Canadian Press
Published Friday, October 19, 2018 1:53PM EDT
OTTAWA -- 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.