(Ottawa) The federal government ended the 2023-2024 fiscal year with a deficit of $50.9 billion.
In the same period from April to March of the previous financial year, the deficit was 41.3 billion.
Government revenue increased by $13.7 billion, or 3.2 percent, to $444.8 billion, reflecting higher revenues from the personal income tax and the goods and services tax and other non-tax revenues, partially offset by a decline in corporate income tax revenues.
Program spending for the year, excluding net actuarial losses, totaled $440.6 billion, up 3.1% from $427.4 billion.
Higher interest rates pushed public debt charges up 35% to 47.5 billion, compared to 35.2 billion a year earlier.
Net actuarial losses totaled 7.6 billion, compared to 9.8 billion for the same period last year.
In the Financial Review, the government emphasizes that the final accounts for the financial year, which will include additional tax revenues, will be tabled this fall.