Federal Government Ends Fiscal Year with $50.9 Billion Deficit

Sathia Kumar

Parliament Hill showing an administrative building, a park and performance art

Canada’s federal government recorded a $50.9 billion deficit for the 2023-24 fiscal year, up from $41.3 billion the year before.

Revenue grew 3.2%, driven by higher personal income taxes, but lower corporate income tax revenue offset some gains.

Program expenses also rose slightly (3.1%). Higher interest rates significantly increased debt charges (35%).

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