Canada records second surplus of fiscal 2021/22 in February as year-to-date deficit continues to shrink -Breaking
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© Reuters. FILE PHOTO – A Canadian flag is seen flying in front the Peace Tower at Parliament Hill, Ottawa, Ontario Canada. March 22, 2017. REUTERS/Chris WattieBy Julie Gordon
OTTAWA (Reuters – Canada’s second surplus for fiscal 2021/22 was recorded in February. Canada’s deficit for fiscal 2021/22 during the first 11 months decreased by a significant amount compared to last year.
According to data, February’s surplus was C$5.47 trillion ($4.28 billion), compared to February 2021’s deficit of C$14.37 trillion.
As the COVID-19 epidemic continued to decline, the April-February shortfall was C$69.82 trillion. This compares to a C$282.56billion deficit for the same period last year.
“As expected, the government’s 2021–22 financial results show a marked improvement compared to the peak of the COVID-19 crisis,” the finance ministry said.
Revenues grew 34.9% between April and February, mainly due to higher taxes revenues and other revenue. The main reason for the decrease in program expenses was lower programs transfers to individuals or businesses.
Canada’s fiscal years run from April to March.
($1 = 1.2773 Canadian dollars)
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