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Federal government posts $41.3 billion deficit for 2022-23 fiscal year

Federal government posts $41.3 billion deficit for 2022-23 fiscal year | iNFOnews.ca
The federal government ended the 2022-23 fiscal year with a $41.3 billion deficit, slightly lower than it had forecast in its budget released in March. The Canada flag flies atop the Peace Tower on Parliament Hill in Ottawa on Friday, May 5, 2023. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – The federal government ended the 2022-23 fiscal year with a $41.3 billion deficit, slightly lower than it had forecast in its budget released in March.

The Finance Department says the result compares to a $95.6 billion deficit the previous fiscal year.

Compared to 2021-22, revenues were up $34.2 billion, or 8.6 per cent, due to improved economic growth and the fading effect of the COVID-19 pandemic.

Program expenses were down $29.9 billion, or 6.5 per cent, as the federal government wound down COVID-19 support programs.

Higher interest rates have pushed up public debt charges by $10.4 billion, or 42.0 per cent since the previous year.

Meanwhile, net actuarial losses decreased by $0.5 billion, or 5.0 per cent.

This report by The Canadian Press was first published May 26, 2023.

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