OTTAWA, March 28  – Canada recorded a marginally higher C$26.85 billion ($18.77 billion) budget deficit for the first ten months of the 2024/25 fiscal year as government expenditures grew slightly faster than revenues, the finance ministry said on Friday.

By comparison, the deficit in the same period a year earlier was C$25.67 billion, it said in a statement.

Program expenses rose 10.9% on increases across all major categories of spending except elderly and child benefits, employment insurance and COVID-19 support. Public debt charges increased by 16.2% largely because of an increase in the stock of marketable bonds.

Year-to-date revenues grew by 10.9%, largely reflecting higher personal income tax revenue and revenue from other taxes and duties.

On a monthly basis, Canada posted a deficit of C$5.13 billion in January, compared to a C$2.06 billion deficit in January 2024.

($1 = 1.4307 Canadian dollars)

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