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

FILE PHOTO: 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; [email protected])