Canada’s fiscal year-to-date budget deficit stands at $21.72B versus $22.72B a year ago. In December there was a surplus of $1 billion compared to a deficit of $4.71B a year ago.

Timing shifts around the number of pay periods in a month make it hard to compare as November produced a particularly large deficit. For the year though, the numbers are stable. That said, the government introduced a two-month HST (sales tax) holiday in mid-December that’s expected to cost just under $2 billion and should show up soon.

Overall, Canada is in surprisingly good fiscal shape at the federal level, leaving an incoming government with room to manoeuvre.