After end to Covid aid, Canada has $4.67 billion budget surplus

Thu, 21 Sep 2023

After end to Covid aid, Canada has $4.67 billion budget surplus

Robert Besser
28 Sep 2022, 05:38 GMT+10

Canada's finance ministry said the country recorded a budget surplus of $4.67 billion for the first quarter of the 2022-23 fiscal year
This is partly due to higher tax revenues and the end of COVID-19-related benefits
By comparison, in the period from April to July 2021 Canada posted a $34 billion deficit

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to BC Post.

More Information

10 ℃

Fair in Victoria

International

Section

Polish government bans all Russian-registered passenger cars

WARSAW, Poland: As part of European Union (EU) sanctions imposed against Russia over its invasion of Ukraine, Poland banned all ...

Over 10,000 Alabama 3rd graders may be held back due to reading law

MONTGOMERY, Alabama: Last week, Alabama's school chief, Superintendent Eric Mackey, said that under new reading benchmarks to move to fourth ...

Federal Reserve losses surpass $100 billion, and still rising

WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...

US approves drone munition sales worth US$313.4 million to Canada

ARLINGTON, Virginia: This week, the U.S. State Department approved the potential sale of drone-related munitions and other systems to Canada ...

US NIH starts early-stage trials of flu vaccines on humans

BETHESDA, Maryland: This week, the US National Institutes of Health (NIH) said that it started early-stage human trials on FluMos-v2, ...

Hawaii governor reports updated wildfire deaths at 97, 33 missing

MAUI, Hawaii: Hawaii Governor Josh Green has announced that the death toll from last month's deadly fire on Maui has ...

Sports

Section

Resurgent Blue Jays pursue sweep of Yankees

(Photo credit: Brad Penner-USA TODAY Sports) A week ago, the Toronto Blue Jays reached a low point in the midst ...

Anrich Nortje, Sisanda Magala ruled outof South Africa squad for World Cup

Johannesburg [South Africa], September 21 (ANI): South African bowlers Anrich Nortje and Sisanda Magala have been ruled out of the ...

Harry Kane, Sane score to help Bayern Munich beat Man United in UCL group opener

Munich [Germany], September 21 (ANI): German club Bayern Munich beat Manchester United by 4-3 in the UEFA Champions League (UCL) ...

Brewers, closing in on division title, finish set at St. Louis

(Photo credit: Jeff Le-USA TODAY Sports) The Milwaukee Brewers are trying to keep an even keel as they edge closer ...

Zach Eflin, Rays chase series victory over Angels

(Photo credit: Scott Taetsch-USA TODAY Sports) With only nine games remaining in their pursuit of first place in the American ...

MLB roundup: Corbin Carroll makes rookie history as D-backs roll

(Photo credit: Rob Schumacher/The Republic / USA TODAY NETWORK) Corbin Carroll had four hits, scored three runs and stole two ...

Movie Review

Spaceship Earth