Federal government reports deficit of $31.2B for its April-to-January 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 posted a budgetary deficit of $31.21 billion for the April-to-January period of its 2025-26 fiscal year.

In its monthly fiscal monitor, the Finance Department says the result compared with a deficit of $26.85 billion reported for the same period a year earlier.

The result came as revenue totalled $404.83 billion for the ten-month period, up from $398.59 billion a year earlier, reflecting increases in customs import duties due to the countermeasures imposed in response to U.S. tariffs, and corporate and personal income tax revenues.

Meanwhile, program expenses excluding net actuarial losses amounted to $386.48 billion compared with $376.54 billion a year earlier, due to increases in direct program spending, major transfers to persons and major transfers to provinces, territories and municipalities.

Public debt charges totalled $45.41 billion, down slightly from $45.54 billion a year earlier, due to lower short-term interest rates on treasury bills and lower net interest on cross-currency swap transactions and other liabilities.

Net actuarial losses were $4.15 billion, up from $3.35 billion a year earlier.

This report by The Canadian Press was first published March 27, 2026.