Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Filed Under: financial-banking, investments, taxation
Tags: banking, investment, taxes

Definition of deficit

1. A measure of how much expenses exceed net income, liabilities exceed assets, imports exceed exports, or losses exceed profits. For example, in government spending, a budget deficit happens when government spending exceeds tax revenue. The opposite of a deficit is a surplus.

Related Terms and Acronyms:

  • exports   Products and services produced in Canada and sold in other countries.
  • fiscal deficit   When the government spends more money than it receives in revenue over the course of one year.
  • fiscal surplus   When the government receives more in revenue than it spends over the course of the year.
  • imports   Goods and services produced in other countries and sold in Canada.
  • loss   When expenses are larger than revenues.
  • net income (NI)   The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.
  • profit   When revenues exceed expenses.
  • surplus   When an entity's income exceeds its expenses.

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