April 24th, 2024

Federal government posts $25.7-billion deficit between April and January

By The Canadian Press on March 22, 2024.

The federal government recorded a budgetary deficit of $25.7 billion as of the end of January for the current fiscal year. The Peace Tower in Parliament Hill is pictured in morning light in Ottawa on Thursday, March 7, 2024. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – The federal government recorded a budgetary deficit of $25.7 billion as of the end of January for the current fiscal year.

The Finance Department says in its monthly fiscal monitor that the deficit between April and January compared with a $6.4-billion deficit during the same period a year earlier.

Government revenues increased by $10.5 billion, or three per cent, largely due to higher personal income tax revenues, other tax revenues and non-tax revenues.

Meanwhile, program expenses excluding net actuarial losses increased by $21.2 billion, or 6.7 per cent as spending increased across all major categories.

Public debt charges rose by $10.3 billion, or 35.9 per cent, largely due to higher interest rates.

Net actuarial losses fell by $1.9 billion, or 23.2 per cent, compared with the same period a year earlier.

This report by The Canadian Press was first published March 22, 2024.

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