Ottawa clings to $1.3B surplus
OTTAWA–The federal government says it had a small surplus heading into the final month of the fiscal year.
The Finance Department says Ottawa remained $1.3 billion in the black for the 2008-09 fiscal year as of February after posting a $823-million surplus for the month.
The February number is down from the $3-billion surplus posted during the same month last year.
For the first 11 months of the fiscal year, which ended March 31, Ottawa was well down from the $12 paperless payday loans.6 billion surplus it had last year.
The department says the main reasons for the tighter fiscal numbers this year are plunging corporate profits and tax changes that cut into receipts.
A reduction in the goods and services tax was among the main factors.
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