By Ketki Saxena
Investing.com – Ottawa’s fiscal monitor released today shows that the Canadian federal government posted a $5.5 billion deficit during the first nine months of its 2022-23 fiscal year.
The result compared with a deficit of $70.1 billion during the same period a year earlier, as the Canadian economy recovered from the impacts of Covid-19.
Government revenue totalled $310.0 billion, compared to $278.3 billion in the same period a year earlier, as the Canadian economy grew robustly as effects from the Covid-19 pandemic receded.
The fiscal monitor reports revenues including income tax revenues, excise taxes and duties, employment insurance premiums, and other revenues.
Meanwhile, program expenses excluding net actuarial losses amounted to $282.4 billion, compared to $322.0 billion a year earlier as Covid-19 measures expired. to the expiration of COVID-19 measures. The fiscal monitor calculates government expenses including transfer payments to persons, transfers to other levels of government, and subsidies and other transfers.
Public debt charges totalled $25.8 billion for the period, up from $18.7 billion, as a result of higher interest rates and inflation.
Net actuarial losses were $7.4 billion, down from $7.7 billion.