Ottawa Posts $5.3 Billion Surplus To Start Fiscal Year

The federal government in Ottawa has posted a surplus of $5.3 billion for the first two months of
the current 2022-23 fiscal year.

In its monthly Fiscal Monitor report, the federal Finance Department said Ottawa’s surplus
stands in contrast with a deficit of $23.8 billion recorded in the first months of the previous 2021-
22 fiscal year.

Ottawa’s fiscal year runs from April 1 to March 31.

The Finance Department said that the federal government’s finances continue to recover from
the COVID-19 pandemic.

Program expenses in the first two months of the fiscal year were down $17.9 billion, or 23%,
due to fewer transfers to individuals and businesses.

Public debt charges rose by $1.7 billion, or 44%, because of inflation and higher interest rates.

Revenue in April and May of this year increased $12.1 billion, or 20%. Net actuarial losses

totaled $1.7 billion for the period, compared with almost $2.6 billion a year ago, said the Finance
Department.