Federal government posts $95.6 billion deficit for 2021-2022 fiscal year

By iNFOTEL
May 27 2022 08:10 AM

CP530000478 — People make their way along Parliament Hill in Ottawa on Wednesday, Nov. 13, 2019. The federal government posted a deficit of 5.6 billion for its 2021-22 fiscal year.
In its monthly fiscal monitor report, the Finance Department says the tally compared with a deficit of 14.0 billion a year earlier. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – The federal government posted a deficit of $95.6 billion for its 2021-22 fiscal year.

In its monthly fiscal monitor report, the Finance Department says the tally for the April 2021 to March 2022 period compared with a deficit of $314.0 billion a year earlier.

Program expenses, excluding net actuarial losses, totalled $457.3 billion, down from $577.6 billion a year earlier due in large part to lower transfers to businesses, individuals, and other levels of government.

Public debt charges rose to $24.8 billion compared with $20.5 billion a year earlier.

Revenue for the fiscal year totalled $396.8 billion, up from $299.5 billion, due to higher tax and other revenues.

Net actuarial losses were $10.3 billion, down from $15.4 billion.

This report by The Canadian Press was first published May 27, 2022.

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