The federal government in Ottawa has announced a surplus of $10.2 billion for the first quarter
of its 2022-2023 fiscal year.
According to the federal Finance Department’s Fiscal Monitor report, the surplus posted
between April and June compares to a deficit of $36.5 billion recorded in the same period of the
previous fiscal year.
Revenues collected by Ottawa were up $18.7 billion, or 20%, from a year ago, while program
spending declined by $29 billion, or 25%, because of lower transfer payments to businesses
and individual Canadians.
The latest Fiscal Monitor showed that the federal government’s 2022-2023 financial results are
recovering from the global pandemic with spending on domestic COVID-19 measures coming to
an end.
The report said that public debt charges rose by $2.3 billion, or 39%, in the first quarter of the
government’s fiscal year due to high inflation and rising interest rates used to counter it.
Net actuarial losses for Ottawa fell by $1.7 billion, or 33%, compared to the same period a year
ago.
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