The federal government's deficit has grown to $7.3 billion so far this fiscal year. The Confederation building on Parliament Hill is reflected in the windows of the Bank of Canada in Ottawa on Monday, May 6, 2024. THE CANADIAN PRESS/Sean Kilpatrick

By Canadian Press

Federal government posts $7.3B deficit between April and July

Sep 27, 2024 | 8:37 AM

The federal government’s deficit has grown to $7.3 billion so far this fiscal year.

The Finance Department’s latest fiscal monitor says the deficit between April and July compares with a $1.2 billion deficit over the same period last year.

Revenues during the four-month period increased by $14.9 billion, or 10.2 per cent, from April to July 2023.

Program expenses excluding net actuarial losses were up $17.5 billion, or 13.5 per cent, as the federal government spent more on programs and transfers to provinces and territories.

Public debt charges rose by $4.2 billion, or 28.8 per cent, due to higher interest rates.

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Net actuarial losses fell by $0.8 billion, or 23.2 per cent.

This report by The Canadian Press was first published Sept. 27, 2024.