Canada’s budget is in surplus for the first 6 months
2022.11.25 11:23
Canada’s budget is in surplus for the first 6 months
Budrigannews.com – The finance ministry announced on Friday that Canada had a C$1.72 billion ($1.29 billion) budget surplus for the first six months of the 2022/23 fiscal year, which was aided by higher tax revenues.
Canada, on the other hand, ran a deficit of C$68.57 billion between April and September 2021.
On the basis of a broad-based improvement in income streams, year-to-date revenues were up 18.6%.The finance ministry reported that as COVID-19 support ceased, lower transfers to individuals and businesses accounted for the majority of the decrease in program expenses of 17.9%.
“The fiscal impact of the COVID-19 crisis and the unprecedented level of temporary COVID-19 response measures wane,” the ministry stated in a statement. “The government’s 2022-23 financial results continue to improve compared to 2021-22.”
Canada recorded a monthly deficit of C$2.16 billion in September, down from a deficit of C$11.41 billion a year earlier.
