Canada records second surplus of fiscal 2021/22 in February as year-to-date deficit continues to shrink

By Julie Gordon

OTTAWA Reuters – Canada recorded its second surplus of fiscal 202122 in February, as its budget deficit for the first 11 months of the fiscal year shrunk considerably compared with the yearago period, the finance ministry said on Friday.

The February surplus was C5.47 billion 4.28 billion compared with a deficit of C14.37 billion in February 2021, the data showed.

The April to February shortfall was C69.82 billion compared with a C282.56 billion deficit in the yearago period, as the costs of the COVID19 pandemic continued to recede.

“As expected, the governments 2021–22 financial results show a marked improvement compared to the peak of the COVID19 crisis,” the finance ministry said.

AprilFebruary revenues grew by 34.9, led by higher tax revenues and other revenues. Program expenses fell 23.2, largely on lower emergency transfers to individuals and businesses.

Canadas fiscal year runs from April to March.