| #CanadaFacts
Economy
Understand how various levels of government across Canada generate revenue and where the money goes. Explore economic levers, including taxes, trade, inflation, immigration, and employment trends, and how they impact Canadians. Dive into our Canada Facts series, where fascinating insights meet reliable data, delivering everything you need to stay informed and captivated about Canada!
What are government deficits and do they matter?
The federal government’s deficit for the 2022-2023 fiscal year was approximately $35.23 billion, a significant decrease from $90.32 billion the previous year.
How much debt does the Canadian federal government have?
At the end of the 2022-2023 fiscal year, the Canadian federal debt reached $1.17 trillion, up 2% or $33 billion from the previous fiscal year.
What is the CPI and how does it impact Canadians?
The CPI is one of the most commonly used measures of inflation. Produced by Statistics Canada (StatCan), the CPI compares the price of a fixed basket of goods and services — about 700 or so — Canadians typically buy.
How much money does the federal government spend?
In fiscal 2022-2023, the Canadian government spent a total of $483.1 billion, down $20.5 billion, or 4.1 per cent, from 2021–22.
How much money does the federal government collect?
In fiscal 2022-2023, the federal government’s revenue increased to $447.8 billion from $413.3 billion in 2021-2022. That represents approximately an 8% jump.