The federal government posted a razor-thin $1-billion deficit in 2015-16, a period in which both the Liberals and Conservatives had turns managing the public books.
The shortfall, released in a package of year-end numbers Friday, was a bit smaller than the $5.4-billion deficit projected by the Trudeau government in its March budget.
It would have been bigger if not for the Conservatives' sale of GM shares, and a surge in personal tax revenue linked to the Liberals' tax hike on the rich.
• Federal books $8B lower over first four months compared with a year ago
• Federal spending hit highest mark in 6 years
But the final deficit figure is sure to rankle the Tories, who have long argued they left government finances on track for a surplus before they were defeated in last fall's election.
The Conservative government ran a $1.9-billion surplus in 2014-15 and had projected a $1.4-billion surplus for 2015-16.
The number released Friday is poised to trigger a fresh round of political sparring over which party did a better job overseeing the federal treasury.
"Basically, it's the final chapter of Stephen Harper's economic record," said Daniel Lauzon, a spokesman for Finance Minister Bill Morneau.