The federal government ran a budgetary deficit of $43.2 billion in the 2024–25 fiscal year, which was $7.7 billion lower than the previous year.
Compared to the period of April 2023 to March 2024, when the budgetary deficit was at $50.9 billion, the 2024 fiscal year saw higher program expenses and increased public debt charges, but these were offset by higher revenues and lower actuarial losses.
