Canada’s federal government in Ottawa ran a budget deficit of $16.1 billion between April and September of this year.
That’s a 24% increase from a deficit of $13 billion run in the same period of 2024, according to the federal Finance Ministry’s monthly Fiscal Monitor report.
Government revenue for the first six months of Ottawa’s fiscal year rose to $238.2 billion, up from $232.4 billion a year earlier.
The federal government’s coffers got a boost from duties imposed on imports into Canada from the U.S. and other countries, along with higher corporate and personal income taxes.
Program expenses over the six months totalled $224.2 billion, up from $215.2 billion a year earlier, due to increases in transfers to people, provinces, and municipalities.
At the same time, public debt charges in Canada totaled $27.6 billion, down from $28.2 billion a year ago, mainly due to lower short-term interest rates on Treasury bills.
Net actuarial losses for the period amounted to $2.5 billion compared with $2 billion a year ago.
The fiscal year of Canada’s federal government runs from March 31 to April 1.
