Ottawa's budget deficit was $95.6 billion for its fiscal year from April 2021 to March 2022, up from the previous year's deficit of $314 billion.

“As expected, the government's financial results for 2021-2022 demonstrate a marked improvement compared to the peak of the COVID-19 crisis reached in 2020-2021, and the unprecedented level of temporary intervention measures relating to COVID-19 which had been deployed at that time”, indicated the Ministry of Finance in its monthly review published on Friday.

In particular, the federal government was able to count on an increase in tax revenue, which allowed it to jump 32.5% for this fiscal year. Revenue therefore totaled $396.8 billion in March 2022, compared to $299.5 billion in March 2021.

Public debt charges increased by 26.5%, from $20.5 billion to $24.8 billion between the two fiscal years.

For net actuarial losses, a decrease of 33% was perceived to reach $10.3 billion for 2021-2022, compared to losses of $15.4 billion in the previous year.