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

Gas prices spike in northern B.C. ahead of the long weekend

Fuel went up 17 cents overnight in Prince Rupert

Stellar musicians, performers recognized at 54th Pacific Northwest Music Festival

More than 150 awards, scholarships given out to Northwest B.C. participants

Cyclist braking stigma on addiction from coast to coast

Mathew Fee aims at world record for longest distance on BMX bike while sharing his story of recovery

MP Nathan Cullen to testify at oil tanker ban committee hearings

Senators travel to Prince Rupert and Terrace as part of fact-finding mission on Bill C-48

Hazelton RCMP officer pleads not guilty to assault

A trial date for Const. Eric Unrau will be set on Apr. 23

4 victims killed in Penticton shooting spree remembered at vigil

John Brittain, 68, is charged with three counts of first-degree murder and one count of second-degree murder

Whitecaps fans stage walkout over club’s response to allegations against B.C. coach

Soccer coach has been suspended by Coastal FC since February

BC Ferries to pilot selling beer and wine on select sailings

Drinks from select B.C. breweries and VQA wineries will be available on the Swartz Bay to Tsawwassen route

Elizabeth May’s B.C. wedding will be a ‘low carbon affair’ on Earth Day

Green party leader’s wedding party to depart in a cavalcade of electric cars

B.C. awaits Kenney’s ‘turn off taps,’ threat; Quebec rejects Alberta pipelines

B.C. Premier John Horgan said he spoke with Kenney Wednesday and the tone was cordial

Federal government extends deadline to make Trans Mountain decision to June 18

The National Energy Board endorsed an expansion of the Trans Mountain pipeline on Feb. 22

Prince George sweeps to first-ever BC Hockey League crown

Spruce Kings beat Vernon Vipers 3-1 in the Okanagan Wednesday for 13th straight playoff win

Hwang’s first MLS goal lifts Whitecaps to 1-0 win over LAFC

Vancouver picks up first victory of season

Verdict scheduled in Giesbrecht murder trial

B.C. Supreme Court justice will render his decision May 24

Most Read