Mon, 28 Nov 2022

OTTAWA: Canada's finance ministry has said that partly due to higher tax revenues and the end of COVID-19-related benefits, the country recorded a budget surplus of $4.67 billion for the first quarter of the 2022-23 fiscal year.

By comparison, in the period from April to July 2021 Canada posted a $34 billion deficit.

The ministry added that year-to-date revenues rose 20.7 percent on a broad-based improvement in income streams, while the costs of programs were 20.1 percent less, reflecting a decline in funding for individuals and businesses.

In a statement, the 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."

Canada posted a monthly deficit of $2.7 billion in July, compared with $7.9 billion last year.

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