Canada’s federal government in Ottawa has reported that its budget deficit totaled $9.8 billion from April through August of this year, up 128% from the same period last year.
The Finance Department said that the current budget deficit compared with a deficit of $4.3 billion during the April-to-August period of 2023.
Revenue during the first five months of the current fiscal year rose by $16.7 billion, or 9.3%, compared with a year earlier.
Program expenses excluding net actuarial losses rose by $17.9 billion, or 11%, as Ottawa spent more on programs and services, as well as transfers to people and provinces and territories.
Public debt charges were up by $4.4 billion, or 23%, mostly due to higher interest charged on marketable bonds and treasury bills.
Net actuarial losses were unchanged in the period, according to the federal Finance Department.
The federal government’s fiscal year runs from April 1 to March 31.
