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The Federal Government of Canada posted a budget deficit of CAD1bn (USD750,000) in 2015–16, despite an increase in tax revenues.
Canada's Finance Department reported on October 7 that revenues totaled CAD295.5bn in the fiscal year ended March 31, 2016. This was CAD13.1bn more than in 2014-15 and an increase of 4.6 percent.
Meanwhile, expenses totaled CAD296.4bn in 2015-16, which was CAD16bn more than 2014-15 – an increase of 5.7 percent.
Personal income tax revenues increased by CAD9.2bn, or 6.7 percent. However, the statistics were distorted by tax planning by those high-income individuals who decided to recognize income in the 2015 tax year before the new 33 percent personal income tax rate, on income exceeding CAD200,000, came into effect on January 1, 2016.
Canada's 2015-2016 budget deficit is low by international comparison, as is the country's sovereign debt, which stood at 26.7 percent in 2015, according to the International Monetary Fund. This was less than half the G7 average.
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