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Ottawa Posts $50.9 Billion Deficit For Fiscal Year 2023-24

Canada’s federal government in Ottawa has posted a deficit of $50.9 billion for its 2023-24 fiscal year that ended on March 31.

The federal deficit rose 23% from $41.3 billion recorded in the previous fiscal year.

Government revenues increased 3.2% to $444.8 billion, reflecting higher personal income tax rates. However, that was partially offset by lower corporate income tax revenues.

Spending on government programs for the entire fiscal year totalled $440.6 billion, up 3.1% from $427.4 billion a year earlier.

Higher interest rates pushed public debt charges up 35% to $47.5 billion from $35.2 billion a year earlier, said the federal Finance Department that released the data.

Net actuarial losses totalled $7.6 billion in fiscal 2023-24 compared with $9.8 billion in the previous year.

The government’s final accounting for the fiscal year, which will include additional tax revenues, will be tabled in Parliament this autumn.

The federal government’s fiscal year runs from April 1 to March 31.