Tausi Insider

Record-high oil and gas prices continue to bolster Alberta’s books, with the province forecasting a $12.3-billion surplus for 2022-2023 in its midyear fiscal update, released Thursday. The surplus is almost $1-billion less than forecast in the province’s previous fiscal update in August, but is still about $11.8-billion more than forecast when the 2022-2023 budget was tabled in February. That budget was released the same day that Russia invaded Ukraine, kicking off a global energy crisis and supply fears that sent commodity prices skyrocketing to record highs. Alberta Premier Danielle Smith used the province’s recent energy windfall to announce a series of measures earlier this week designed to help ease the burden of rising inflation, including direct payments to families and seniors. The optimistic financial forecast also comes six months before the provincial election in May, which will be Ms. Smith’s first campaign since taking over in October from Jason Kenney as Premier and Uni...

The federal government posted a surplus of $1.7-billion during the first six months of the 2022-23 fiscal year. In its monthly fiscal monitor, the finance department says the surplus between April and September compares to a deficit of $68.6-billion reported for the same period last year. Compared to the same period in the previous fiscal year, government revenues were up $32.8-billion, or 18.6 per cent, as revenue streams continue to improve. Program expenses were also down $40.3-billion, or 17.9 per cent, largely due to the expiration of COVID-19 measures. Higher interest rates and inflation have driven up the cost of public debt charges by $5.6-billion, or 47.8 per cent, compared to the same period last year. Net actuarial losses were down $2.8-billion, or 36.1 per cent. https://www.tausiinsider.com/federal-government-posts-1-7-billion-surplus-for-april-to-september-period/?feed_id=332692&_unique_id=64626145abb7a

B.C. Finance Minister Selina Robinson speaks in Vancouver, on Nov. 10, 2021. DARRYL DYCK/The Canadian Press Faster-than-expected economic recovery has pushed British Columbia’s operating surplus to $5-billion more than estimated in the last quarter. Finance Minister Selina Robinson says much of the added surplus comes from higher personal and corporate income taxes, while sales taxes and natural gas royalties were also higher. The minister says the operating surplus of $5.7-billion, up from $706-million, puts the province in a “significant surplus position,” to continue using its resources to deliver results on housing, public safety, health care and climate change. “We will use these dollars we have to invest in things people need. We’re in a strong position to continue making thoughtful decisions.” Robinson says $2-billion of the added revenue has already been earmarked for cost-of-living measures announced since the summer. Those include $1-billion for the Climate Action Tax Credi...

Canada’s exports rose in October, largely driven by pharmaceutical products, while imports were also up, largely as a result of a depreciation of the Canadian dollar, data showed on Tuesday. The country’s trade surplus with the world grew to $1.21-billion in October, Statistics Canada said, slightly above analysts’ forecasts of a surplus of $1.20-billion. Exports rose 1.5 per cent, helped by higher exports of medicinal products as well as gold bars and coins to the United States, Statscan said. By volume, exports were up 0.1 per cent. Imports rose 0.6 per cent, but were down 0.9 per cent by volume. Motor vehicles and parts as well as metal and non-metallic mineral products drove the gains, while imports of energy products also increased, bolstered by incoming U.S. crude oil. “Canada’s merchandise trade surplus widened in October, with a weaker Canadian dollar providing a helping hand. Still, trade volumes look to have added to growth in the month,” said Shelly Kaushik, an economist a...