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Canada records C$6.33 billion budget surplus over first four months of 2022/23

By:
Reuters
Published: Sep 23, 2022, 15:21 GMT+00:00

OTTAWA - Canada recorded a C$6.33 billion ($4.67 billion) budget surplus for the first four months of the 2022/23 fiscal year, helped by higher tax revenues and the ending of coronavirus support measures, the finance ministry said on Friday.

Canadian flag flies in front of the Peace Tower on Parliament Hill in Ottawa

OTTAWA – Canada recorded a C$6.33 billion ($4.67 billion) budget surplus for the first four months of the 2022/23 fiscal year, helped by higher tax revenues and the ending of coronavirus support measures, the finance ministry said on Friday.

By comparison, Canada posted a C$47.33 billion deficit in the period from April to July 2021.

Year-to-date revenues were up 20.7% on a broad-based improvement in income streams. Program expenses were 20.1% lower, largely reflecting lower transfers to individuals and businesses as COVID support wound down, the finance ministry said.

“As expected, the government’s 2022-23 financial results continue to improve compared to the peak of the COVID-19 crisis and the unprecedented level of temporary COVID-19 response measures at the time,” the ministry said in a statement.

On a monthly basis, Canada posted a deficit of C$3.87 billion in July, compared to the C$10.86 billion deficit recorded a year ago.

($1 = 1.3558 Canadian dollars)

(Reporting by Ismail Shakil, editing by Steve Scherer; ismail.shakil@tr.com)

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