Ottawa cut deficit down to $69.8B during most of last fiscal year

The federal government posted a deficit of $69.8 billion for the April-to-February period of its 2021-22 fiscal year as revenue grew and expenses fell.

In its monthly fiscal monitor report, the Finance Department says the tally compared with a deficit of $282.6 billion for the same period of 2020-21.

Program expenses, excluding net actuarial losses, totalled $395.5 billion, down from $514.8 billion in the 11-month period a year earlier due to lower transfers to individuals, businesses, and other levels of government.

Public debt charges rose to $22.3 billion compared with $18.6 billion a year earlier.

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Revenue for the period was $357.4 billion, up from $264.9 billion, primarily due to higher tax and other revenues.

Net actuarial losses for the period totalled $9.5 billion compared with $14.1 billion.