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

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.

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.

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

The Canadian Press