Canadian general government records a surplus despite federal and provincial–territorial government deficits
Canadian general government recorded a surplus of $4.2 billion in the first quarter. Excluding social security funds (Canada Pension Plan and Quebec Pension Plan), the general government posted a deficit of $12.8 billion, mainly due to federal and provincial–territorial governments.
The net operating balance is the difference between revenues and expenses for a given period and is a summary measure of the sustainability of government operations. When revenues are lower than expenses, a deficit is recorded, while the reverse induces a surplus.
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