Federal surpluses of $5.3 billion for the start of the 2022-23 fiscal year

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Federal surplus of $5.3 billion for the start of fiscal year 2022-23

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.

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