Federal government posts $4.3-billion deficit between April and August this year

By The Canadian Press | October 27, 2023 | Last updated on October 27, 2023
1 min read
A photograph of the Centre Block Peace Tower detailing the clock work, located on Parliament Hill, Ottawa, Canada.

The federal government posted a budgetary deficit of $4.3 billion from April to August.

In its monthly fiscal monitor, the Finance Department said this compares to a surplus of $3.9 billion during the same period of the 2022-23 fiscal year.

Government revenues increased $2.4 billion, or 1.4%, largely due to higher interest revenues and other non-tax revenues.

Program expenses excluding net actuarial losses increased $7.4 billion, or 4.8%.

Public debt charges grew by $4.1 billion, or 27.7%, largely due to higher interest rates.

Net actuarial losses decreased by $0.9 billion, or 22.7%, compared to the same period last year.

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