Federal government posts $23.6B deficit for April-to-December period

OTTAWA – The federal government posted a budgetary deficit of $23.6 billion for the first nine months of its 2023-24 fiscal year.

The result compared with a deficit of $5.5 billion for the same stretch of its 2022-23 fiscal year.

Government revenue for the April-to-December period totalled $318.1 billion, up from $310.0 billion a year earlier, boosted by higher personal income tax revenue, other non-tax revenue and other taxes and duties, partially offset by lower corporate income tax.

The government says program expenses, excluding net actuarial losses, totalled $301.0 billion for nine-month period, up from $282.4 billion a year earlier, with increases across all major categories of spending.

Public debt charges amounted to $35.1 billion, up from $25.8 billion, due to higher interest rates.

Net actuarial losses totalled $5.7 billion, down from $7.4 billion a year earlier.

This report by The Canadian Press was first published Feb. 23, 2024.