Federal government posts $22.7-billion deficit from April-to-November period

Finance Minister Dominic LeBlanc attends a first ministers meeting in Ottawa on Wednesday, Jan.15, 2025. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA — The Finance Department says the federal deficit was $22.7 billion between April and November.

That compares with a $19.1 billion deficit over the same period last year.

According to the monthly fiscal monitor, revenues were up $29.5 billion, or 10.5 per cent, compared with the same stretch in the previous fiscal year.

Program expenses excluding net actuarial losses increased $30 billion, or 11.3 per cent, with increases to elderly and employment insurance benefits, as well as a 54 per cent jump in rebates, partly due to the introduction of the Canada Carbon Rebate for small businesses.

Public debt charges were up by $5.4 billion, or 17.4 per cent, mostly because of higher average rates on the outstanding stock of marketable bonds and treasury bills, as well as an increase in the stock of marketable bonds.

Net actuarial losses were down $2.4 billion, or 46.8 per cent.

This report by The Canadian Press was first published Jan. 31, 2025.

The Canadian Press