Ottawa posts $21.7 billion deficit for April-to-December period

OTTAWA — The federal government posted a budgetary deficit of $21.7 billion for the April-to-December period of its 2024-25 fiscal year.

The result compared with a deficit of $23.6 billion for the same period a year earlier.

According to the Finance Department’s monthly fiscal monitor, revenue for the nine-month period totalled $355.6 billion, up from nearly $318.1 billion a year earlier, boosted by gains in all categories.

Program expenses excluding net actuarial losses amounted to $333.2 billion, up from nearly $301 billion, boosted by increases across all major categories including direct program expenses and major transfers to persons.

Public debt charges totalled $41.1 billion, up from $35.1 billion.

Net actuarial losses were $3 billion, down from $5.7 billion a year ago.

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