National

Federal deficit comes in lower than expected

Darpan News Desk The Canadian Press, 27 Oct, 2022 02:57 PM

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.

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The Medical Advisory Committee was created to facilitate full representation across all the departments of the hospital, so that we can tap into the wisdom and expertise of all those voices. Essentially, we’re creating an advocacy group amongst the physicians practising in SMH.