(OTTAWA) The federal government on Friday posted a budget deficit of $95.6 billion for its 2021-2022 fiscal year.
Posted at 1:25 p.m.
In its monthly financial review, the Ministry of Finance indicated that the result for the period from April 2021 to March 2022 compared with a deficit of 314.0 billion for the previous financial year.
Program expenses, excluding net actuarial losses, totaled $457.3 billion, down from $577.6 billion the previous year. The department attributed the decline primarily to lower transfer payments to businesses, individuals and other governments.
Public debt charges increased to $24.8 billion from $20.5 billion the previous year.
Revenue for the fiscal year totaled $396.8 billion, up 32.5% from $299.5 billion in fiscal 2020-21. The growth was driven by higher tax and other income, the ministry said.
Net actuarial losses decreased 33% to $10.3 billion from $15.4 billion the previous year.