Canada recorded a $6.33 billion budget surplus for the first four months of the 2022/23 fiscal year, the finance ministry said Friday..That was helped, in part, by higher tax revenues and the ending of COVID-19 support measures like CERB..By comparison, Canada had a $47.33 billion deficit in the period from April to July 2021..Year-to-date revenues were up 20.7% on a broad-based improvement in income streams. Program expenses were also 20.1% lower, largely reflecting "lower transfers to individuals and businesses as COVID support wound down," the Finance ministry said.."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," the ministry said in a statement..On a monthly basis, Canada posted a deficit of $3.87 billion in July, compared to the $10.86 billion deficit recorded a year ago..The federal government's budget surplus came up during Question Period on Thursday, when Conservative MP Frank Caputo said the people of his riding of Kamloops-Thompson-Cariboo are "struggling to put food on their table and fuel in their cars."."We know the prime minister doesn't think about monetary policy and the budget hasn't balanced itself," Caputo said.."We also know ordinary citizens are under extraordinary financial pressures. So my question to the prime minister is this, Mr. Speaker: Will they cancel the tax hikes that are planned so that we can give ordinary Canadians a break?".Finance Minister Chrystia Freeland responded if Caputo "actually bothered to read the fiscal monitor" he would have known the budget was in surplus for five months.."Five months of the seventh year!" one Conservative MP yelled out in response.
Canada recorded a $6.33 billion budget surplus for the first four months of the 2022/23 fiscal year, the finance ministry said Friday..That was helped, in part, by higher tax revenues and the ending of COVID-19 support measures like CERB..By comparison, Canada had a $47.33 billion deficit in the period from April to July 2021..Year-to-date revenues were up 20.7% on a broad-based improvement in income streams. Program expenses were also 20.1% lower, largely reflecting "lower transfers to individuals and businesses as COVID support wound down," the Finance ministry said.."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," the ministry said in a statement..On a monthly basis, Canada posted a deficit of $3.87 billion in July, compared to the $10.86 billion deficit recorded a year ago..The federal government's budget surplus came up during Question Period on Thursday, when Conservative MP Frank Caputo said the people of his riding of Kamloops-Thompson-Cariboo are "struggling to put food on their table and fuel in their cars."."We know the prime minister doesn't think about monetary policy and the budget hasn't balanced itself," Caputo said.."We also know ordinary citizens are under extraordinary financial pressures. So my question to the prime minister is this, Mr. Speaker: Will they cancel the tax hikes that are planned so that we can give ordinary Canadians a break?".Finance Minister Chrystia Freeland responded if Caputo "actually bothered to read the fiscal monitor" he would have known the budget was in surplus for five months.."Five months of the seventh year!" one Conservative MP yelled out in response.
