Revenues were up $13.7 billion, or 3.2%, to $444.8 billion
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Published May 31, 2024 • 1 minute read
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The Peace Tower on Parliament Hill in Ottawa.Photo by Sean Kilpatrick/The Canadian Press files
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OTTAWA — The federal government ended the 2023-24 fiscal year with a deficit of $50.9 billion.
The result for the April-to-March period compared with a deficit of $41.3 billion reported for the same stretch of its 2022-23 fiscal year.
Government revenues were up $13.7 billion, or 3.2 per cent, to $444.8 billion, reflecting higher personal income tax, Goods and Services Tax and other non-tax revenues, but partially offset by lower corporate income tax revenues.
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Program expenses, excluding net actuarial losses, for the fiscal year totalled $440.6 billion, up 3.1 per cent from $427.4 billion.
Higher interest rates pushed public debt charges up 35 per cent to $47.5 billion from $35.2 billion a year earlier.
Net actuarial losses totalled $7.6 billion compared with $9.8 billion in the same period last year.
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In the Fiscal Monitor, the government notes that final accounting for the fiscal year, which will include additional tax revenues, will be tabled this fall.
