Canada’s federal government in Ottawa has posted a budget deficit of $23.60 billion for the first nine months of its current 2023-24 fiscal year, up 329% from $5.50 billion during the same period a year earlier.
Government revenue for the April-to-December stretch of the fiscal year totalled $318 billion, up 2.5% from $310 billion a year earlier.
The revenue increase was mostly due to higher personal income tax charges, which offset lower corporate taxes.
The federal government’s expenses totalled $301 billion for the nine-month period, up 7% from $282 billion a year earlier, with increases across all spending categories.
Ottawa’s public debt charges totaled $35.10 billion in the period, up 36% from $25.80 billion a year earlier, due largely to higher interest rates.
The federal government has ramped up spending on social programs, including public housing, in recent months after scaling back its outlays immediately after the Covid-19 pandemic.
Ottawa’s fiscal year runs from April 1 to March 31.
