Ottawa runs budgetary deficit of $16.1 billion for April-to-September period

People walk past the Peace Tower on Parliament Hill in Ottawa, Tuesday, Nov. 4, 2025. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA — The federal government ran a budgetary deficit of $16.1 billion for its April-to-September period.

The result compared with a deficit of $13.0 billion for the same period a year earlier, according to the Finance Department’s monthly fiscal monitor report.

The deficit came as revenue for the six-month period rose to $238.2 billion, up from $232.4 billion a year earlier, boosted by customs import duties imposed in response to U.S. tariffs, and higher corporate and personal income tax revenues.

Program expenses, excluding net actuarial losses, totalled $224.2 billion, up from $215.2 billion a year ago, due to increases in direct program expenses, major transfers to persons, and major transfers to provinces, territories and municipalities.

Public debt charges were $27.6 billion, down from $28.2 billion, mainly due to lower short-term interest rates on treasury bills and lower net interest on currency swap transactions.

Net actuarial losses for the period amounted to $2.5 billion compared with $2.0 billion a year ago.

This report by The Canadian Press was first published Nov. 28, 2025.

The Canadian Press