The $14.0-billion deficit recorded in 2018–19 represents a $0.9-billion enhancement within the $14.9-billion deficit projected into the March 2019 budget.
Overall, profits were about corresponding to the March 2019 spending plan projections. But, real results did change from projections in some channels. Tax revenue was $0.7 billion less than projected in Budget 2019 because of somewhat weaker-than-expected business earnings, partially offset by stronger-than expected income tax revenue that is personal. Other fees and duties, mainly products and Services Tax (GST) revenue, had been reduced by $1.3 billion, or 2.3 percent, while other profits and Employment Insurance (EI) premium profits increased by $1.2 billion and $0.9 billion, correspondingly, in accordance with spending plan projections. Continue reading “Comparison of Actual Budgetary Results to Projected Outcomes”