Federal government posts $8.2 billion deficit between April and September this year

OTTAWA – The federal government recorded a budgetary deficit of $8.2 billion between April and September, $3.9 billion of which was in September.

The finance department says in its monthly fiscal monitor that the deficit between April and September compared to a surplus of $1.7 billion during the same period last year.

Government revenues increased by $3.5 billion, or 1.7 per cent, a reflection of higher higher interest revenues and other non-tax revenues.

Program expenses excluding net actuarial losses were up $8.9 billion, or 4.8 per cent, from the same period a year earlier.

Public debt charges were up $5.7 billion, or 33.1 per cent, largely due to higher interest rates but partly offset by lower Consumer Price Index adjustments on Real Return Bonds.

Net actuarial losses decreased by $1.1 billion, or 23.2 per cent, compared with the same period last year.

This report by The Canadian Press was first published Nov. 21, 2023.