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Canada budget deficit shrinks over first eight months of 2021/22 -Breaking

by Mike Robinson

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OTTAWA (Reuters), Jan 28, 2012 – Canada’s first eight months in fiscal 2021/22 had a smaller deficit than the previous year, as COVID-19 costs continued to decline, according to Friday’s finance ministry statement.

Data showed that the April to November deficit was C$73.70 Billion ($57.75Billion) in comparison with C$232.02 Billion for the same 8 months of 2020/21.

“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. However, these results continue to be a reflection of difficult economic conditions.

March-November revenue grew by 34.3% due to increased tax revenues and other revenues. Due to lower transfers of emergency funds to individuals or businesses, program expenses decreased 25.1%.

Canada had a deficit monthly of C$1.44 million in February 2019, compared to C$15.40 trillion for November 2020.

($1 = 1.2763 Canadian dollars)

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