Federal Government Posts $7.3B Deficit Between April and July

The Confederation Building on Parliament Hill is reflected in the windows of the Bank of Canada, in Ottawa on May 6, 2024. The Canadian Press/Sean Kilpatrick

The federal government’s deficit has grown to $7.3 billion so far this fiscal year.

The Finance Department’s latest fiscal monitor says the deficit between April and July compares with a $1.2 billion deficit over the same period last year.

Revenues during the four-month period increased by $14.9 billion, or 10.2 percent, from April to July 2023.

Program expenses excluding net actuarial losses were up $17.5 billion, or 13.5 percent, as the federal government spent more on programs and transfers to provinces and territories.

Public debt charges rose by $4.2 billion, or 28.8 percent, due to higher interest rates.

Net actuarial losses fell by $0.8 billion, or 23.2 percent.