Canada’s federal government has officially declared a budget surplus of $3.62 billion for the first three months of its 2023-24 fiscal year (April to June) representing a drop by 65% from a similar surplus of $10.20 billion declared in the same period a year earlier.
The initial three months of the 2023-24 fiscal year saw the federal government of the country achieve a budgetary surplus of $3.62 billion.
This marked a decrease compared to the surplus of $10.20 billion recorded in the corresponding period the previous year.
Canadian finance department’s fiscal report
The Finance Department’s fiscal monitor report revealed that the revenues for this period reached $110.58 billion, showing growth from the $107.88 billion in the same timeframe the prior year.
The increase was primarily attributed to higher revenue from personal income tax, interest, and Employment Insurance (EI) premiums.
Expenses for programs, excluding net actuarial losses, rose to $93.81 billion from the $87.03 billion recorded in the same period last year.
This spending escalation was linked to amplified direct program expenses, income from the pollution pricing framework returned, and transfers to other governmental tiers.
Public debt charges escalated to $10.69 billion, up from $8.07 billion a year ago, driven by increased interest on treasury bills and marketable bonds.
This uptick was partly offset by reduced adjustments based on the consumer price index for real return bonds.
Net actuarial losses decreased to $2.46 billion from the $2.58 billion in the corresponding period.