Ottawa runs $1B Q1 deficit

The federal government ran a deficit of $1 billion for the first quarter of its fiscal year, down from a surplus of $5 billion in the same period last year. Revenue fell $500 million or 2.2 per cent in June due to lower corporate income tax revenue, nonresident income tax and excise taxes and duties. Program spending grew by $1.6 billion that month, an increase of 7.5 per cent.