Federal government posts $50.9 billion deficit for 2023-24 fiscal year

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.

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.

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.

This report by The Canadian Press was first published May 31, 2024.