Finance Department

Finance Department: The shortfall was larger than the $1.8-billion deficit recorded in the April and May period a year ago, the Finance Department reported Friday, according to CTV. This year, the government is projecting an $18.7 billion negative balance, although the first two months represents a setback in reaching that goal and OTTAWA -- Ottawa's finances got off to a rocky start in the current fiscal year, posting a $2.7-billion deficit that was nearly $1 billion more compared to the same period last year. The 2012-13 fiscal year ended with an estimated $25.9 billion shortfall for the government -- the first year Ottawa failed to make significant progress in reducing its deficit since the recession. (www.immigrantscanada.com). As reported in the news.