Canada posts $55.3B deficit for 2025-26 fiscal year, based on monthly fiscal monitor

The Canada Flag flies on the Peace Tower of Parliament Hill as pedestrians make their way along Sparks Street Mall in Ottawa on Tuesday, Nov. 9, 2021. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA — The federal government posted a deficit of $55.28 billion for its 2025-26 fiscal year compared with a $43.15-billion deficit a year earlier, according to the Finance Department’s monthly fiscal monitor report.

The department cautioned the figures were not the final result for the 2025-26 fiscal year, which will include additional end-of-year adjustments and be published in the public accounts for the year.

Revenue for the period stretching from April 2025 to March this year totalled $500.02 billion, up from $494.81 billion in the same period a year earlier.

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Program expenses, excluding net actuarial losses, for the year totalled $487.89 billion, up from $480.29 billion.

Public debt charges for the year amounted to $53.71 billion compared with $53.65 billion a year earlier.

Net actuarial losses totalled $13.70 billion compared with $4.02 billion a year earlier.

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This report by The Canadian Press was first published May 29, 2026.