The federal government posts a $95.6 billion deficit for fiscal year 2021-2022

OTTAWA – The federal government posted a $95.6 billion deficit for its 2021-22 fiscal year.

In its monthly fiscal tracking report, the Finance Department says the tally for the period April 2021 to March 2022 compares with a $314 billion deficit the year before.

Program expenses, excluding net actuarial losses, totaled $457.3 billion, down from $577.6 billion a year earlier due largely to lower transfers to businesses, individuals and other levels of government.

Public debt charges rose to $24.8 billion from $20.5 billion a year earlier.

Fiscal year revenue totaled $396.8 billion, up from $299.5 billion, due to higher taxes and other revenue.

Net actuarial losses were $10.3 billion, down from $15.4 billion.

This report from The Canadian Press was first published on May 27, 2022

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