Canadian general government deficit shrinks, still above pre-pandemic levels
The consolidated Canadian general government (CGG) deficit (which includes all federal, provincial, territorial and local governments) dropped sharply from $291.9 billion in 2020 to $99.0 billion in 2021, a 66.1% decrease. The increase in revenues (+13.9%)—particularly driven by corporate income taxes (+26.4%), taxes on goods and services (+17.1%) and personal income taxes (+9.7%)—combined with the decrease in expenses (-6.8%) contributed to the reduced deficit. The decrease in expenses was driven by decreased COVID-19-related transfers, shown by large declines in subsidies (-44.0%) and social benefits (-22.2%).
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