Federal government posts $70.1B deficit for April-to-December period

OTTAWA – The federal government posted a budgetary deficit of $70.1 billion for the April-to-December period of its 2021-22 fiscal year.

In its monthly fiscal monitor report, the Finance Department says the result compared with a deficit of $248.2 billion for the same period a year earlier.

Program expenses, excluding net actuarial losses, were $322.0 billion for the nine-month period, down from $428.9 billion a year earlier.

Public debt charges rose to $18.7 billion compared with $15.4 billion a year earlier.

Revenue for the period increased to $278.3 billion, up from $207.7 billion in the 2020-21 period.

Net actuarial losses for the period totalled $7.7 billion, down from $11.5 billion.

This report by The Canadian Press was first published Feb. 25, 2022.