Tax revenues continue to rise, bringing the deficit back to its pre-pandemic level
The Canadian general government deficit stood at $1.5 billion in the second quarter, a sharp drop from $19.1 billion in the first quarter. This was the lowest deficit level since the third quarter of 2019 ($0.3 billion). Tax revenues were up $13.8 billion (+8.0%) in the second quarter of 2022, compared with the second quarter of 2021, driven by steady increases in taxes on income (+8.4%) and taxes on goods and services (+10.8%).
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