The federal government posted a deficit of $95.6 billion for its 2021-22 fiscal year.
In its monthly fiscal monitor report, the Finance Department says the tally for the April 2021 to March 2022 period compared with a deficit of $314.0 billion a year earlier.
Program expenses, excluding net actuarial losses, totalled $457.3 billion, down from $577.6 billion a year earlier due in large part to lower transfers to businesses, individuals, and other levels of government.
Public debt charges rose to $24.8 billion compared with $20.5 billion a year earlier.
Revenue for the fiscal year totalled $396.8 billion, up from $299.5 billion, due to higher tax and other revenues.
Net actuarial losses were $10.3 billion, down from $15.4 billion.