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Canada’s budget deficit falls to C$95.57 billion in fiscal 2021/22 as pandemic wanes -Breaking


© Reuters. FILEPHOTO: This illustration was taken in Toronto on January 23, 2015, and features a Canadian dollar coin commonly called the “Loonie”. REUTERS/Mark Blinch

By Julie Gordon

Canada’s deficit budget in fiscal 2012/2012 fell from C$314.00 trillion to C$95.57billion (C$75.02billion) in the preceding year. The decrease was due in part to lower emergency spending for the COVID-19 Pandemic.

The fiscal year saw an increase in revenues of 32.5% due to higher taxes, and a decrease in expenses by 20.8% as government aid was less spent on individuals and businesses.

Canada had a March deficit of C$25.75 trillion, as compared with a C$31.44 trillion deficit for March 2021.

Due to higher taxes revenues, March saw a 14.2% increase in revenue compared to a year ago. Due to fewer emergency transfers, expenses were 1.4% lower than a year earlier. This was offset by increased costs for environmental liability and disaster assistance.

($1 = 1.2739 Canadian dollars)