Federal deficit lower this October

The federal government has posted a smaller deficit for October 2015 than in the same month in 2014. Revenue for the month was lifted 11.1 per cent by higher personal income tax and Goods and Services Tax revenues. The deficit for the month was $941 million, down from $3.21 billion a year earlier. The 2014 figure included the cost of the previous government’s income splitting plan and higher children’s fitness tax credits. Income splitting is likely to end under the Liberals.