Ottawa Records $2.9 Billion Federal Deficit in First Quarter of Fiscal Year

The Finance Department reports that the federal deficit for the first three months of the fiscal year was $2.9 billion.

This is a decrease from the $3.6 billion surplus recorded during the same period in the previous year.

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

Revenue for the same period amounted to $120.4 billion, compared to $110.6 billion in the previous year, primarily due to higher tax revenue.

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

Net actuarial losses were $1.9 billion, a decrease from the $2.5 billion loss reported a year ago.