The federal government posted a $3.9 billion deficit in the first two months of the fiscal year. A Canadian flag flies on top of the Peace Tower on Parliament Hill in Ottawa on Wednesday, June 19, 2024. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – The federal government posted a $3.9 billion deficit in the first two months of the fiscal year.
The result for the April-to-May period compared to a $1.5 billion surplus for the same stretch last year.
Revenues increased $6.5 billion, or 8.9 per cent, largely due to higher tax revenues.
The Finance Department says program expenses excluding net actuarial losses rose $10 billion, or 15.9 per cent.
Public debt charges increased $2.3 billion, or 33.8 per cent, due to higher interest rates.
Net actuarial losses fell $0.4 billion, or 23.2 per cent.
This report by The Canadian Press was first published July 26, 2024.
