The Confederation building on Parliament Hill reflected in the windows of the Bank of Canada in Ottawa on May 6.Sean Kilpatrick/The Canadian Press
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.
Net actuarial losses fell by $0.8 billion, or 23.2 per cent.