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

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.

Government revenues up $14.2 billion this fiscal year compared to same period last year

Canada's balance sheet showed a $400 million surplus in November, the finance department said Friday, leaving Canada with a $1-billion surplus for the first nine months of the year. Finance Minister Bill Morneau's first budget is expected in March. (Peter Power/Canadian Press)

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.

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