Canada Runs Surprise Budget Surplus In 2022 In Latest Tally

[Economy 52,844]

https://www.bnnbloomberg.ca/federal-government-posts-3-1-surplus-for-first-11-months-of-2022-23-fiscal-year-1.1913785

 

Canada has run an unexpected budget surplus of $3.1 Billion in the 2022-2023 financial year so far which runs from April 1st to March 31st

 

11 of the 12 months have been accounted for which means there is one more month of balance to calculate (March) before the final numbers are out.

 

March can be a major positive or negative for the government because of tax season. Depending if more people and businesses owe money or are owed refunds, the surplus may disappear in March or get even bigger

 

This would be Canada's first budget surplus since the 2008 financial crisis although the surplus is very small with $3.1B representing only 0.15% of GDP

[AsleepOnTheCeiling 6,965]

Does that get allocated towards the next budget and taxes slightly reduced to reflect it or does it go to some sort of Treasury?

[Monstermilo 5,472]

i was born in canada and everyday i live in america 

canada seems more appealing 

if trump wins here in 2024 - im def gonna try to move back

[Economy 52,844]

1 hour ago, TortureMeOnReplay said:

Does that get allocated towards the next budget and taxes slightly reduced to reflect it or does it go to some sort of Treasury?

It doesn't change anything really. It just means that the balance on government debt in the bond market drops slightly

 

Everyday there's bonds expiring to maturity (meaning the government must pay them off to investors, pension funds or whoever holds that bond) and every day new bonds are issued to pay off old bonds that are due plus any new deficits that must be covered

 

If u have a surplus, u can pay off all your maturing bonds without having to borrow 100% of it as a refinance and in turn your balance of outstanding bonds drops

 

But this is probably just a blip... Given the slowing economy we will probably be in deficit again over this next year

[Economy 52,844]

54 minutes ago, Monstermilo said:

i was born in canada and everyday i live in america 

canada seems more appealing 

if trump wins here in 2024 - im def gonna try to move back

Excluding housing so expensive that if u don't already own ur own house or live with parents ur gonna scrape by to pay those rents or mortgage, yeah it's not too bad up here 

 

Oh and healthcare also got totally atrocious ever since it hit a breaking point during covid and ppl legit die with the long waits and unreliability so there's another one but I know the US has its own major healthcare problems so I guess we're even in that category