Ottawa posts $5.36B deficit for first five months of 2026-27 fiscal year

OTTAWA — The federal government posted a deficit of $5.36 billion for the first five months of its 2026-27 fiscal year.

In its monthly fiscal monitor report, the Finance Department says the result compared with a deficit of $11.07 billion in the same April-to-August period a year earlier.

The deficit came as revenue totalled $215.54 billion, up from $201.18 billion a year earlier, helped by higher personal income tax revenues, other revenues and GST revenues, offset in part by lower customs import duties and energy tax revenues.

Program expenses excluding net actuarial losses amounted to $195.95 billion, up from $187.16 billion in the same period last year, due mainly to increases in direct program expenses and major transfers to persons.

Public debt charges totalled $25.10 billion, up from $23.01 billion.

Net actuarial gains amounted to $150 million compared with a net actuarial loss of $2.08 billion a year earlier.

This report by The Canadian Press was first published Oct. 30, 2026.