Canada's Deficit Hits 31.21 Billion CAD in 10 Months

OTTAWA Canada's federal government reported a budgetary deficit of 31.21 billion Canadian dollars for the first 10 months of its 2025-26 fiscal year, from April to January, marking an increase from the 26.85 billion deficit recorded in the same period the previous year.

The Finance Department released the figures in its monthly fiscal monitor on March 27, highlighting that government expenditures outpaced revenue growth during this time. Total revenues reached 404.83 billion, a 1.6 percent rise from 398.59 billion a year earlier. This uptick stemmed primarily from higher customs import duties, implemented as countermeasures against U.S. tariffs, along with increased corporate and personal income tax collections.

Program expenses, excluding net actuarial losses, climbed to 386.48 billion, up 2.6 percent from 376.54 billion in the prior year. The increase reflected broader spending across key areas, including direct program outlays, major transfers to individuals for social benefits, and transfers to provinces, territories, and municipalities to support public services and infrastructure.

Public debt charges edged down slightly to 45.41 billion from 45.54 billion, a marginal 0.3...