Canada records C$6.33 billion budget surplus over first four months of fiscal 2022-23



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Canada records C$6.33 billion budget surplus over first four months of fiscal 2022-23

On Friday, Canadian Finance Ministry had issued a statement saying that the world’s fourteenth-largest economy had recorded a C$6.33 billion ($4.67 billion) in budget surplus over first four months of fiscal 2022-23, as an influx of higher taxation alongside a wind-down of an expensive pandemic support measure had helped the economy.

On top of that, as the Canadian Government’s revenue had been up by 20.7 per cent between April to July 2021 compared to the same time a year earlier, program costs were reduced sharply as well.

Nonetheless, the Finance Ministry was quoted saying that its latest upsurge in budget surplus was almost entirely galvanized by an end to the pandemic support measures, as Government program expenses dipped as much as by 20.7 per cent.

Apart from that, Canada, the commodity-linked economy heavily reliant on exporting oil, timber and gas, had reported a $47.33 billion in budget deficit between over the first four months of fiscal year 2021-22.

Canadian Government reports a C$6.33 billion in budget surplus

However, on a month-on-month basis, the Canadian Government had reported a budget deficit of C$3.87 billion in July compared to a deficit of C$10.86 billion registered at the same time a year earlier.

Besides, the Canadian Economy Ministry said in a statement late on Friday, “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”.