Close X
Sunday, March 2, 2025
ADVT 
National

Federal deficit comes in lower than expected

Darpan News Desk The Canadian Press, 27 Oct, 2022 02:57 PM
  • Federal deficit comes in lower than expected

OTTAWA - Annual financial statements show the federal deficit for the previous fiscal year was $23.6 billion lower than the projected in the spring budget.

According to public accounts documents released Thursday, the federal deficit for the 2021-22 fiscal year was less than expected because of Canada's strong economic recovery from the pandemic and the winding-down of pandemic supports.

The federal deficit was $90.2 billion, while the 2022 budget projected it would come in at $113.8 billion.

Revenues increased by $96.8 billion, or 30.6 per cent from 2021, when revenues were lower because of lockdowns and federal government measures, the report says.

As of March 31, 2022, federal debt was more than $1.1 trillion.

The debt-to-GDP ratio was down from 47.5 per cent in the previous fiscal year to 45.5 per cent, while public debt charges were up $4.1 billion, or 20.3 per cent, because of higher inflation.

MORE National ARTICLES

July 15th is BC Blueberry Day, kicking off #GoBlueBC campaign, and the beginning of fresh BC blueberry season

July 15th is BC Blueberry Day, kicking off #GoBlueBC campaign, and the beginning of fresh BC blueberry season
British Columbia is encouraged to ‘Go Blue’ by visiting GoBlueBC.ca, an online hub that houses blueberry-related activities, events, recipes, and an exciting contest to win an E-bike from Zygg Vancouver.

July 15th is BC Blueberry Day, kicking off #GoBlueBC campaign, and the beginning of fresh BC blueberry season

Up next in the COVID fight: bivalent vaccines

Up next in the COVID fight: bivalent vaccines
Several vaccine manufacturers are racing to develop formulas that take into account the more infectious Omicron variant now driving cases, while policymakers are laying the groundwork for another large-scale vaccine blitz.

Up next in the COVID fight: bivalent vaccines

U.K. trade talks won't change with Boris ousting

U.K. trade talks won't change with Boris ousting
In a statement outside Downing Street today Johnson said he will be stepping down as prime minister after demands he go from Conservative MPs and the resignation of a string of his ministers.

U.K. trade talks won't change with Boris ousting

'Nightmare' in B.C. hospital for Quebec man

'Nightmare' in B.C. hospital for Quebec man
Patrick Bélanger, 23, said his experience is a warning for residents of Quebec and all Canadians who take pride in a universal health-care system because doctors in other provinces could deny treatment to Quebecers by maintaining they won't be compensated.

'Nightmare' in B.C. hospital for Quebec man

Fire destroys Vancouver Downtown Eastside church

Fire destroys Vancouver Downtown Eastside church
Flames broke out at about 9:30 p.m. Wednesday in a two-storey building in the 100 block of East Hastings Street and quickly spread to the adjoining two-storey structure housing the Vancouver Street Church.

Fire destroys Vancouver Downtown Eastside church

Motor vehicle crash due to collision with a hydro pole leads to road closures in South Surrey

Motor vehicle crash due to collision with a hydro pole leads to road closures in South Surrey
Surrey RCMP is advising the public that 184 Street is closed between 32 Avenue and 40 Avenue following a single vehicle motor vehicle accident that stuck a hydro pole.

Motor vehicle crash due to collision with a hydro pole leads to road closures in South Surrey