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Dec 14, 2021 · The report shows that the federal government’s final deficit for 2020-21 is lower than projected in Budget 2021, due to an increase in government revenues from improved economic performance and somewhat lower-than-expected spending on COVID-19-related programs.
- Department of Finance Canada
Oct 27, 2022 · The federal deficit was $90.2 billion, while the 2022 budget projected it would come in at $113.8 billion. Capital Dispatch: Sign up for in-depth political coverage of Parliament Hill
- Note to Readers. The financial results in this report are based on the audited consolidated financial statements of the Government of Canada for the fiscal year ended March 31, 2021, the condensed form of which is included in this report.
- Report Highlights. The government posted a budgetary deficit of $327.7 billion for the fiscal year ended March 31, 2021, compared to an estimated deficit of $354.2 billion in the April 2021 budget, mainly reflecting higher-than-expected tax and non-tax revenues and lower-than-expected program expenses.
- Revenues. Federal revenues can be broken down into five main categories: income tax revenues, other taxes and duties, Employment Insurance (EI) premium revenues, proceeds from the pollution pricing framework and other revenues.
- Expenses. Federal expenses can be broken down into four main categories: transfer payments, which account for the majority of all federal spending, other direct program expenses, public debt charges, and net actuarial losses.
The $90.2-billion deficit recorded in 2021–22 was $23.6 billion lower than the $113.8-billion deficit projected in Budget 2022. Overall, revenues were $18.9 billion, or 4.8 per cent, higher than forecast, primarily due to higher tax revenues driven by an economic recovery that exceeded expectations.
- Net operating balance, Canadian general government, federal government and provincial, territorial and local governments, 2008 to 2021. Revenue goes up as gross domestic product surges.
- Federal government expenses by main categories, 2008 to 2021. PTLG revenues went up by $65.8 billion (+10.6%) compared with 2020. Tax revenues grew by 16.8%, mainly driven by higher personal income taxes (+$19.2 billion or +16.6%), taxes on goods and services (+$17.2 billion or +15.2%) and corporate income taxes (+$16.7 billion or +48.0%).
- Net operating balance, provincial, territorial and local governments, by province and territory, 2020 and 2021. Among the provinces, Quebec ($3.9 billion or 0.8% of GDP) and Nova Scotia ($0.4 billion or 0.8% of GDP) posted a surplus in 2021, while other provinces remained in deficit.
- Grant revenue per capita by province for consolidated provincial and local governments, 2020 and 2021. In the territories, federal grants amounted to $57,273 per capita in Nunavut, $44,028 in the Northwest Territories and $35,847 in Yukon.
Apr 19, 2021 · The budget predicts federal debt will hit 51.2 per cent of GDP in 2021/22 before sliding back to 49.2 per cent of GDP by 2025/26 — lower than the $381.6 billion forecast in the Fall Economic ...
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The deficit-to-GDP ratio, which measures the size of the deficit in relation to the economy, is on a path to fall to 1.1 per cent over the planning horizon (Chart 42), a level that is lower than the forecasted size of the deficit for 2019-20 and 2020-21 when the government tabled its Economic and Fiscal Update in December 2019.
