Ottawa Reports a $14.5-Billion Deficit for April-to-October Period

December 20, 2024 TruthUSA

The Finance Department reports that the federal deficit for the period between April and October was $14.5 billion.

This is compared to a deficit of $15.1 billion during the same timeframe last year.

According to the monthly fiscal monitor, revenues increased by $26.5 billion, or 10.7 percent, compared to the previous fiscal year, with growth seen across all revenue categories.

The finance department notes that program expenses, excluding net actuarial losses, rose by $22.7 billion, or 9.8 percent, driven by higher direct program expenses, major transfers to individuals, and major transfers to provinces, territories, and municipalities.

Public debt charges saw an increase of $5.3 billion, or 19.4 percent, primarily due to higher interest rates on marketable bonds and treasury bills.

Net actuarial losses decreased by $2.1 billion, or 46.8 percent.