Federal deficit reached $19B last fiscal year

Federal deficit reached $19B in last fiscal year

Source: CTV News
Author: Glen McGregor

OTTAWA – The federal government ran up a $19-billion deficit last fiscal year, despite a big boost in tax revenues.

Canadians paid an additional $9.9 billion in personal income taxes in 2017-18 and corporate tax added an additional $5.5 billion, compared to the previous year, thanks chiefly to a fast-growing economy.

About half of the increase in personal income taxes was attributed to some high-income Canadians no longer claiming income in the previous tax years in the 29 per cent tax bracket, rather than the new top 33 per cent bracket.