Ottawa posts federal deficit of $2.9B from April to June

OTTAWA – The Finance Department says the federal deficit was $2.9 billion over the first three months of the fiscal year.

The result compared with a $3.6-billion surplus for the same period a year earlier

Program expenses excluding net actuarial losses for the April-to-June period totalled $107.5 billion, up from $93.8 billion for the same period a year ago.

Meanwhile, revenue amounted to $120.4 billion, up from $110.6 billion a year earlier, largely reflecting higher tax revenue.

Public debt charges totalled $13.9 billion, up from $10.7 billion a year ago, due to higher interest rates.

Net actuarial losses amounted to $1.9 billion, down from a loss of $2.5 billion a year ago.

This report by The Canadian Press was first published Aug. 30, 2024.

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