Federal Finance Minister Chrystia Freeland
The federal government posted a budget surplus of $5.3 billion for the first two months of its 2022-23 fiscal year.
In its Fiscal Monitor, the Department of Finance reported that this result compared to a deficit of $23.8 billion for the same period in 2021-22.
A surplus of $2.7 billion was recorded for each of the months of April and May of the 7;current fiscal year.
Ottawa noted that results for fiscal year 2022-23 continue to improve from the peak of the COVID pandemic -19.
Program expenses, excluding net actuarial losses, decreased by $17.9 billion, or 23.3%, primarily due to lower transfer payments to individuals, businesses and other governments.
Public debt charges increased by $1.7 billion, or 44.2%, primarily due to due to high inflation and rising interest rates.
Revenue for the period rose $12.1 billion, or 20.3%, to $71.7 billion. Net actuarial losses were $1.7 billion for the two months, compared to almost $2.6 billion for the same period a year earlier.