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OTTAWA – The federal government ran a surplus of $1.6 billion for February, slightly better than the $1.5 billion it did in the same month last year.
The surplus for the month brought Ottawa’s deficit for the first 11 months of its fiscal year to $11.8 billion compared with a deficit of $12.6 billion at the same point last year.
TD Bank economist Sonya Gulati said the year-to-date results are a ways off the revised deficit estimate of $25.9 billion for the full year that was included in the 2013 budget.
“One more month of data and typical year-end adjustments could bring the numbers closer together. Alternatively, there could be a slightly better deficit figure once numbers are put to bed in the Public Accounts,” Gulati wrote in a note to clients.
The Finance Department’s monthly update says government revenue in February rose to $23.4 billion, up $500 million or 2.4 per cent compared with a year earlier.
The increase was mainly due to an 11.2 per cent increase in personal income tax revenue, which was up by $1.1 billion, as well as smaller increases from the goods and service tax, energy taxes and premiums on employment insurance.
What#39;s in your binsurance/b policy? - Heritage bInsurance/b Ltd
By Dianne Nice | The Globe & Mail | October 25, 2010
Five years ago, as a major rain storm pounded Toronto, I found myself in my flooded family room, toys floating by in ankle-high water, wondering whether my insurance policy would cover the damage.
Many neighbours were in the same boat, with water-stained bundles of carpeting placed curbside on every street. All told, the Insurance Bureau of Canada estimated more than $400-million was paid out to property owners to cover flood-damaged basements from that particular storm.
Like many home owners, I hadn’t thought much about my insurance coverage until I was faced with a claim . A recent TD Insurance poll reveals 23 per cent of Canadians are unsure or have no idea what’s covered in their insurance policies. And of those who do understand their policies, most do not bother to take the proper steps to take full advantage of their coverage, such as keeping a detailed inventory of their valuables and updating their policies when they acquire something of major value.
“Not updating your insurance policies is like not checking the weather before you get dressed and leave the house – you risk finding yourself in an unfortunate situation you could have avoided,” says Henry Blumenthal, vice-president and chief underwriter at TD Insurance.
Of the 1,500 Canadians polled, 53 per cent had made a claim on their insurance before, and of them, 42 per cent said they were surprised by something on their insurance policy.
Last year, 37 per cent of TD’s home insurance claims were the result of water damage, 17 per cent were the result of wind and hail, 14 per cent were due to theft and 2 per cent were due to fire.
Mr. Blumenthal offers a few tips for ensuring your insurance has you covered: To read them, click here