Daily Summary
Canada's budget deficit for the first ten months of the 2024/25 fiscal year increased to C$26.85 billion due to government spending rising faster than revenues. Major cost areas, including public debt charges, saw significant increases, even though revenue grew by 10.9% driven primarily by higher personal income taxes. The deficit spike was notably marked in January, which jumped to C$5.13 billion from C$2.06 billion in January of the previous year.
Canada Budget Deficit Rises to C$26.85 Billion Over First Ten Months of 2024/25
Canada's deficit for the first ten months of the 2024/25 fiscal year climbed to C$26.85 billion, driven by faster-growing government expenditures relative to revenues. In January alone, the deficit jumped to C$5.13 billion from C$2.06 billion year-over-year.