Federal government posts $70B deficit for April to December

The federal government posted a budgetary deficit of $70.1 billion for the April-to-December period of its 2021–22 fiscal year.

In its monthly fiscal monitor report, the Finance Department says the result compared with a deficit of $248.2 billion for the same period a year earlier.

Program expenses, excluding net actuarial losses, were $322.0 billion for the nine-month period, down from $428.9 billion a year earlier.

Public debt charges rose to $18.7 billion compared with $15.4 billion a year earlier.

Revenue for the period increased to $278.3 billion, up from $207.7 billion in the 2020–21 period.

Net actuarial losses for the period totalled $7.7 billion, down from $11.5 billion.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.