Canada’s federal government in Ottawa has posted a budget deficit of $7.3 billion for the April through July portion of its fiscal year.
Ottawa’s entire fiscal year runs from April 1 to March 31. However, the federal Finance Department updates the government’s fiscal position each month and makes the results public.
The Finance Department’s latest calculation shows that Ottawa ran a budget deficit of $7.3 billion through the end of July this year.
That’s up 508% from a budget deficit of $1.2 billion run between April and July of 2023.
The Finance Department said that revenues during the four-month period rose by $14.9 billion, or 10.2%, compared to the same period of last year.
Program expenses excluding net actuarial losses were up $17.5 billion, or 13.5%, as the federal government spent more on programs and transfers to provinces and territories.
Public debt charges rose by $4.2 billion, or 28.8%, due to higher interest rates. Net actuarial losses between April and July of this year declined by $0.8 billion, or 23.2%.
