(Ottawa) Canada’s Finance Department said the federal deficit stood at $2.9 billion in the first three months of the fiscal year.
This result compares with a surplus of 3.6 billion for the same period a year earlier.
Program spending for the April-June period, excluding net actuarial losses, totaled $107.5 billion, up from $93.8 billion for the same period a year earlier.
Meanwhile, revenues rose to $120.4 billion, up from $110.6 billion a year earlier, largely reflecting higher tax revenues.
Public debt charges totaled $13.9 billion, up from $10.7 billion a year ago, due to higher interest rates.
Net actuarial losses amounted to $1.9 billion, down from a loss of $2.5 billion a year ago.