Ottawa posts surplus of $5.3B for first two months of 2022-23 fiscal year

People look on at the Centennial Flame on Parliament Hill in Ottawa, on May 11, 2022. (Justin Tang / THE CANADIAN PRESS)

OTTAWA -

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

In its monthly fiscal monitor report, the Finance Department says the tally compared with a deficit of $23.8 billion for the same period of 2021-22. There were surpluses of $2.7 billion for each of April and May.

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The federal government says its 2022-23 financial results continue to improve compared to the peak of the COVID-19 pandemic.

Program expenses, excluding net actuarial losses, were down $17.9 billion, or 23.3 per cent, largely reflecting lower transfers to individuals, businesses and other levels of government.

Public debt charges rose by $1.7 billion, or 44.2 per cent, primarily driven by hot inflation and higher interest rates.

Revenue for the period was up $12.1 billion, or 20.3 per cent. Net actuarial losses were $1.7 billion for the period, compared with almost $2.6 billion a year earlier.

This report by The Canadian Press was first published July 29, 2022