Canada records April-June budget surplus of C$10.2 billion on higher tax revenues
2022.08.26 20:49
Canada records April-June budget surplus of C$10.2 billion on higher tax revenues
Canada recorded a C$10.20 billion ($7.89 billion) budget surplus for the first three months of the 2022/23 fiscal year helped by higher tax revenues, the finance ministry said on Friday.
By comparison, Canada posted a C$36.47 billion deficit in the period from April to June 2021.
Year-to-date revenues were up 20.9% on a broad-based improvement in income streams. Program expenses were 25% lower, largely reflecting lower transfers to individuals and businesses as COVID support wound down, the finance ministry said.
“As expected, the government’s 2022-23 financial results continue to improve compared to the peak of the COVID-19 crisis and the unprecedented level of temporary COVID-19 response measures at the time,” the ministry said in a statement.
On a monthly basis, Canada posted a surplus of C$4.88 billion in June, compared to the C$12.71 billion deficit recorded a year ago.
($1 = 1.2932 Canadian dollars)
