OTTAWA — The federal government ran a budgetary deficit of $18.4 billion for its April-to-October period.

The result compared with a deficit of $14.5 billion for the same period a year earlier, according to the Finance Department’s monthly fiscal monitor report.

The deficit came as revenue for the seven-month period rose to $279.8 billion, up from $273.4 billion a year earlier, boosted by customs import duties imposed in response to U.S. tariffs, and higher corporate and personal income tax revenues.

Program expenses, excluding net actuarial losses, totalled $263.3 billion, up from $253.1 billion a year ago, due to increases in direct program expenses, major transfers to persons, and major transfers to provinces, territories and municipalities.

Public debt charges were $32 billion, down from $32.5 billion, mainly due to lower short-term interest rates on treasury bills and lower net interest on currency swap transactions.

Net actuarial losses for the period amounted to $2.9 billion compared with $2.3 billion a year ago.

This report by The Canadian Press was first published Dec. 24, 2025.

The Canadian Press