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.

Prev Next

MORE National ARTICLES

Most Canadians indifferent to monarchy: poll

The poll from Leger and the Association of Canadian Studies also found that while some Canadians are happy about King Charles III taking the throne and others are not, most are largely indifferent to Canada’s new head of state.

Most Canadians indifferent to monarchy: poll

Liberals announce cost-of-living help

Until now, the government has said it is helping through existing policies, such as child care agreements with the provinces and automatic annual increases to programs like the GST rebate and Canada Child Benefit, as well as 2021 budget promises to increase benefits for seniors and low-income workers.

Liberals announce cost-of-living help

Canada donates up to $28 million for Pakistan

Emergency food, water, sanitation and health services are badly needed after monsoon rains over the last three months have left more than one-third of the country underwater. More than 33 million people are affected by the floods and with much of the country's agricultural land underwater, the Pakistani government is warning of an impending food shortage.

Canada donates up to $28 million for Pakistan

Warmer fall expected across much of Canada

The network says in its fall forecast that much of Canada can expect warmer-than-normal conditions throughout September before temperatures start to drop in October. It says the amount of precipitation will vary across the country, though most parts will see fewer storms than usual.

Warmer fall expected across much of Canada

Monday is federal holiday for Queen's funeral

Speaking at a caucus retreat in New Brunswick today, Trudeau says "declaring an opportunity for Canadians to mourn on Monday is going to be important." He says the government will be working with provinces and territories to ensure they're "aligned."

Monday is federal holiday for Queen's funeral

Smoke from B.C. wildfires spreads to Alberta

Environment Canada is maintaining advisories for a portion of northeast B.C. and the southern half of the province and has extended air quality statements across southern Alberta. It warns that fine particulates contained in the smoke are likely to increase through the day.