According to the announcement made by the country’s Ministry of Finance on Friday, the country’s first four months of the fiscal year 2022/23 resulted in a budget surplus of C$6.33 billion ($4.67 billion), which was assisted by greater tax revenues and the conclusion of coronavirus support measures.
Revenues for the first eleven months of the year were up 20.7% thanks to improvements across the board in various income streams. According to the ministry of finance, program expenses decreased by 20.1% as a direct result of a reduction in the amount of money transferred to private persons and commercial enterprises as COVID support was phased out.
According to a statement released by the Ministry of Finance, “As expected, the government’s financial performance for 2022-23 continue to improve compared to the peak of the COVID-19 crisis and the unprecedented level of temporary COVID-19 reaction measures at the time,” respectively.
In July, Canada reported a deficit of C$3.87 billion on a monthly basis, which was a significant improvement from the C$10.86 billion deficit that was reported the previous year.