![]() Revenues increased by $96.8 billion, or 30.6 per cent, reflecting a broad-based increase in revenue, compared to the previous year when COVID-19 lockdowns and federal government measures, such as the one-time Goods and Services Tax (GST) credit, had resulted in lower revenues.Compared to projections in Budget 2022, the annual deficit was $23.6 billion lower than the $113.8-billion deficit projected, mainly reflecting higher-than-expected tax revenues and lower-than-expected expenses for COVID-19 programs.The budgetary balance before net actuarial losses is intended to supplement the traditional budgetary balance and improve the transparency of the government’s financial reporting by isolating the impact of the recognition of net actuarial losses arising from the government’s pension and other employee future benefit plans. The budgetary deficit before net actuarial losses was $80.0 billion for the fiscal year ended March 31, 2022.The year-over-year improvement in the budgetary balance reflects the strong recovery of the Canadian economy from the effects of the pandemic, as well as the transition from broad-based supports under Canada’s COVID-19 Economic Response Plan to more targeted measures. The government posted a budgetary deficit of $90.2 billion for the fiscal year ended March 31, 2022, compared to a deficit of $327.7 billion in the previous fiscal year.The Fiscal Reference Tables have been updated to incorporate the results for 2021–22 as well as historical revisions to the National Economic and Financial Accounts published by Statistics Canada. The complete consolidated financial statements are available on the Public Services and Procurement Canada website. ![]() 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, 2022, the condensed form of which is included in this report.įor the 24th consecutive year, the government has received an unmodified audit opinion from the Auditor General of Canada on the consolidated financial statements.
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