The federal deficit for the last fiscal year was smaller than expected
< p class="styled__StyledLegend-sc-v64krj-0 cfqhYM">The Minister of Finance when she tabled her budget.
Annual financial statements show that the federal budget deficit for the the government's last fiscal year was $23.6 billion lower than projected in the spring budget.
According to public accounts documents released Thursday, the federal deficit for the 2021-2022 financial year was lower than expected due to the strong rep Canada's economic rise and the gradual reduction of support measures for the COVID-19 pandemic.
The federal deficit was $90.2 billion, while the 2022 budget forecast it to be $113.8 billion.
Revenue was up $96.8 billion, or 30.6%, from 2021, a year when revenues were lower due to pandemic shutdowns and federally imposed measures, the report says.
As of March 31, 2022, the federal debt is down ;was over $1.1 trillion.
The debt-to-gross domestic product (GDP) ratio fell from 47.5% in the prior fiscal year to 45.5%, while public debt charges rose by $4.1 billion, or 20.3%, due to higher inflation.