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2021-2022 | Ottawa records a budget deficit of $95.6 billion

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Maria Gill
Maria Gill
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(Ottawa) The federal government announced, on Friday, a budget deficit of $95.6 billion for the 2021-2022 fiscal year.

Posted at 1:25 pm.

The Ministry of Finance indicated in its monthly financial report that the result of the period from April 2021 to March 2022 compared to a deficit of 314.0 billion for the previous fiscal year.

Total program expenses, excluding net actuarial losses, were $457.3 billion, down from $577.6 billion a year earlier. The ministry attributed the decline primarily to lower transfer payments to companies, individuals and other governments.

Public debt fees rose to $24.8 billion from $20.5 billion the previous year.

Total fiscal year revenue was $396.8 billion, up 32.5% from $299.5 billion in fiscal year 2020-2021. The ministry said the growth was driven by higher taxes and other income.

Actuarial net loss decreased 33% to $10.3 billion from $15.4 billion a year earlier.

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