Federal government posts $43 billion deficit between April ’24 and March

The Peace Tower on Parliament Hill is pictured from the West Gate in Ottawa on Monday, May 6, 2024. THE CANADIAN PRESS/Sean Kilpatrick

The federal government says it ran a budgetary deficit of $43.2 billion between April 2024 and this past March.

The deficit compared with $50.9 billion for the same stretch in the 2023-2024 fiscal year.

According to the Finance Department’s monthly fiscal monitor, revenue for the 10-month period totalled $494.8 billion, up from $444.8 billion a year earlier.

Program expenses excluding net actuarial losses amounted to $480.3 billion, up from $440.6 billion, boosted by increases across all major categories.

Public debt charges totalled $53.7 billion, up from $47.5 billion.

Net actuarial losses were $4.02 billion, down from $7.56 billion a year earlier.

This report by The Canadian Press was first published May 30, 2025.