Yes, it\u0027s lower than expected, but it\u0027s still one of the largest peacetime deficits in Canadian history
From April 1, 2021, to March 31, 2022, the Government of Canada took in $413.3 billion in revenue and spent $493.3 billion. This worked out to a total shortfall of $90,212,000,000.
The deficit is equivalent to $2.373.68 per Canadian. Put another way, the federal government accumulated $171,613.39 of new debt for every single minute of the 2021/2022 fiscal year.Article contentPhoto by Government of Canada It also means that Canada’s total debt now stands well north of $1 trillion. As of March 31, the Government of Canada had an “accumulated deficit” of $1.13 trillion.at about $616 billionThis ever-increasing debt is one of the reasons why public debt charges are now one of the largest single line items in the federal budget. For 2021/2022, it cost Canada $24.
Nevertheless, up until last week both the Parliamentary Budget Officer and the Liberal government itself had been projecting that the 2022 shortfall would be even larger. In her April budget, Finance Minister Chrystia Freeland forecast that the deficit for 2021-2022 was going to hit $113.8 billion.A similar phenomenon is already hitting forecasts of the 2022/2023 federal budget. While federal accountants originally suspected the shortfall for this year would top out at $52.
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