(Ottawa) The federal government had accumulated a budget deficit of 25.7 billion in its 2023-24 fiscal year at the end of January.
According to the Ministry of Finance, this result compares to the deficit of 6.4 billion which had accumulated during the same period, from April to January, during the 2022-23 financial year.
The latest fiscal review update provides a final snapshot of the state of federal finances before Finance Minister Chrystia Freeland tables the budget on April 16.
PHOTO JUSTIN TANG, THE CANADIAN PRESS
Mme Freeland promised that the government will respect the budgetary safeguards promised in the fall, in particular by maintaining the deficit at around 40 billion for the current fiscal year.
Mme Freeland promised that the government will respect the budgetary safeguards promised in the fall, in particular by maintaining the deficit at around 40 billion for the current fiscal year.
Federal government revenues increased by $10.5 billion, or 3%, year over year for the same period, mainly due to higher personal income tax collections, other taxes and duties and other non-tax revenues.
Program expenses, excluding net actuarial losses, increased by $21.2 billion, or 6.7%, driven by increases in all major spending categories.
Public debt charges increased by $10.3 billion, or 35.9%, largely due to rising interest rates.
Net actuarial losses decreased by $1.9 billion, or 23.2%.