OTTAWA: Canada posted a budgetary surplus of 1.9 billion Canadian dollars (1.4 billion U.S. dollars) for the fiscal year which ended on March 31, 2015, according to the Annual Financial Report released by the Department of Finance here the other day.
The budgetary surplus exceeds the fiscal projection for 2014-15 presented in the 2015 budget, which forecasted a budgetary deficit of 2 billion Canadian dollars (1.5 billion dollars).
The department said the figure is a reversal of a deficit of 5.2 billion Canadian dollars (3.9 billion dollars) posted for the previous fiscal year. It brought an end to a six-year streak of deficits, which began in the 2008-2009 fiscal year.
The better-than-forecast budget balance reflects higher revenue than projected, the report said.
