The $14.0-billion deficit recorded in 2018–19 represents a $0.9-billion improvement throughout the $14.9-billion deficit projected in the March 2019 budget.
Overall, profits had been about corresponding to the March 2019 spending plan projections. Nonetheless, real results did differ from projections in some channels. Tax revenue had been $0.7 billion less than projected in Budget 2019 as a result of somewhat weaker-than-expected business profits, 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 lower 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.
System costs had been $0.6 billion less than anticipated. Major transfers to individuals and advance financial major transfers to many other quantities of federal government had been broadly consistent with projections while direct program costs across federal divisions and agencies had been $0.6 billion less than projected, showing a forecast variance that is 0.4-per-cent.
General Public financial obligation fees had been $0.3 billion less than forecast, showing an average that is lower-than-expected interest on the stock of interest-bearing financial obligation.