The federal government posted a $ 12.7 billion deficit in June to reduce spending and increase revenue


The Federal Building will be visible in the windows of a building in downtown Ottawa on April 7, 2020. (Canadian Press / Sean Kilpatrick)

Ottawa — The federal government posted a deficit of $ 12.7 billion in June, compared to a deficit of $ 33.6 billion in June 2020.

The deficit declined as Ottawa spent billions of dollars on emergency aid to improve its pandemic and income, compared to a year ago.

Program spending, excluding actuarial net losses, totaled $ 39.1 billion in June, down from $ 51.3 billion in the previous year.

This month’s sales increased from $ 19.9 billion in June last year to $ 29.6 billion.

Debt costs have increased from about $ 1.3 billion to $ 1.9 billion.

The federal deficit for the April-June period of fiscal year 2021-22 totaled $ 36.5 billion, compared to a deficit of $ 120.4 billion in the year-ago quarter.

Canadian press