The federal government’s deficit has increased to $7.3 billion in the current fiscal year, according to the latest fiscal monitor released by the Finance Department. This represents a significant jump from the $1.2 billion deficit recorded during the same period last year.
Revenues for the four-month period from April to July have seen a substantial increase of $14.9 billion, marking a 10.2 percent rise compared to the same period in 2023.
Meanwhile, program expenses, excluding net actuarial losses, have surged by $17.5 billion, a 13.5 percent increase, as the federal government allocated more funds towards various programs and transfers to provinces and territories.
Public debt charges have also risen by $4.2 billion, a 28.8 percent spike, largely due to higher interest rates in the market. However, net actuarial losses have decreased by $0.8 billion, a 23.2 percent drop.
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