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Canada October budget gap widens slightly to C$2.6 billion
December 23, 2013 / 4:01 PM / 4 years ago

Canada October budget gap widens slightly to C$2.6 billion

* October deficit edges up to C$2.55 bln

* April-Oct deficit C$13.23 bln vs yr-ago C$11.95 bln

OTTAWA, Dec 23 (Reuters) - Canada’s federal budget deficit in October edged up to C$2.55 billion ($2.41 billion) from C$2.52 billion a year earlier as spending and revenues remained relatively steady, the Department of Finance said on Monday.

The deficit in the April-October period, representing the first seven months of the 2013-14 fiscal year, grew to C$13.23 billion from C$11.95 billion a year earlier. One reason for the increase was the cost of helping Alberta recover from floods.

In October, revenues fell by 0.7 percent from October 2012 on lower corporate income tax revenues and excise duties. Program expenses grew by 0.4 percent on higher transfers.

The Conservative government has promised to eliminate the deficit by 2015-16.

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