Federal deficit $26.4B for April-to-November period: fiscal monitor

OTTAWA — The federal government posted a deficit of $26.4 billion for the first eight months of its 2025-26 fiscal year.

In its fiscal monitor, the Finance Department says the result compared with a deficit of $22.7 billion for the same April-to-November period a year earlier.

Revenue for the period totalled $317.2 billion, up from $311.3 billion a year ago, helped by increases in customs import duties due to the countermeasures imposed in response to U.S. tariffs, and corporate and personal income tax revenues.

Program expenses excluding net actuarial losses amounted to $304 billion, up from $294.9 billion boosted by higher direct program expenses, major transfers to persons and major transfers to provinces, territories and municipalities.

Public debt charges were $36.3 billion, down from $36.4 billion, due to lower short-term interest rates on treasury bills and lower net interest on cross-currency swap transactions and other liabilities.

Net actuarial losses amounted to $3.3 billion, up from $2.7 billion.

This report by The Canadian Press was first published Jan. 30, 2026.

The Canadian Press