Ottawa runs $400M surplus in November; so far $1B in the black for 2015-16

OTTAWA – The federal government ran a budgetary surplus of $400 million in November — thanks in large part to a boost in corporate tax revenues compared to a year earlier.

The Finance Department’s monthly fiscal monitor also says Ottawa had a surplus of $1 billion over the first nine months of the 2015-16 fiscal year.

That figure for the April to November period compares with a $3.3-billion deficit over the same time frame in 2014-15.

A closer look at the numbers shows that government revenues were up 8.2 per cent — or $14.2 billion — this fiscal year compared to last year.

Corporate tax revenues were up 23.1 per cent over that span, while customs import duties rose 18.3 per cent.

Ottawa’s total expenses were up 5.6 per cent between April and November compared to the same period last year — pushed up in part by an 11.1-per-cent increase in major transfers to individuals.