3 what is the current fiscal year canadian government spending deficit
The Government's liabilities consist of accounts payable and accrued liabilities and interest-bearing debt. As well, 1.2 million who had previously claimed the benefit stopped doing so in May as lockdown measures began to ease.
At the same time, Finance Minister Bill Morneau provided no indication of a roadmap for when or how the government plans to rein in spending. The debt-to-GDP ratio will rise from 31 per cent to 49 per cent because of the coronavirus emergency spending, the fiscal snapshot noted. Energy taxes grew by $0.1 billion, or 1.9 per cent, due to slightly higher gasoline consumption in 2017–18. “We will have more to say on that in the very near term as we finalize those details as how it can be used to help us get back to work,” Finance Minister Bill Morneau said in a press conference on Wednesday when asked about the extension. As of March 31, 2018, $5,404 million ($5,588 million in 2017) was being appealed to the courts.
At March 31, 2018, interest-bearing debt amounted to $1,002.6 billion, up $18.2 billion from a year earlier. The unprecedented economic shutdown sparked by the need to limit spread of the highly contagious virus saw the government roll out $212 billion in spending on income replacement and scientific research, business loans and grants to vulnerable Canadians. Public debt charges increased by $0.7 billion, or 3.1 per cent, from the prior year. The Government accounts for transactions on an accrual basis, using the Government's accounting policies that are described in Note 1 to its audited consolidated financial statements, which are based on Canadian public sector accounting standards. Elderly benefits consist of Old Age Security and Guaranteed Income Supplement and Allowance payments. Khan added that the financial strain on many provinces and municipalities adds to the focus on the federal government and puts further emphasis on their role in guiding any recovery.
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