Canada’s government budget deficit widened to CAD 4.47 billion in December 2023 from CAD 1.98 billion in the same month of the previous year, marking the sixth consecutive gap. In the first nine months of the 2023/24 fiscal year (April-December), the country recorded a gap of CAD 23.61 billion, a significant increase from the CAD 5.54 billion deficit reported a year earlier. Program expenses surged by 6.6% across all major spending categories, while public debt charges spiked by 35.6% due to higher interest rates. On the other hand, government revenues increased by 2.6%, driven by growth in personal income tax revenue and other taxes and duties. source: Department Of Finance Canada

Canada recorded a government budget deficit of 2059 CAD Million in January of 2024. Government Budget Value in Canada averaged -1941.96 CAD Million from 1985 until 2024, reaching an all time high of 9533.00 CAD Million in February of 2023 and a record low of -44405.00 CAD Million in March of 2023. This page provides - Canada Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Government Budget Value - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-23 04:00 PM
Budget Balance
Dec C$-4.47B C$-4.01B C$-2.0B
2024-03-22 03:00 PM
Budget Balance
Jan C$-2.1B C$-4.47B C$-3.9BB
2024-04-26 03:00 PM
Budget Balance
Fev C$-2.1B C$1.9B


Related Last Previous Unit Reference
Fiscal Expenditure 38529.00 36061.00 CAD Million Jan 2024
Government Budget -1.30 -3.60 percent of GDP Dec 2022
Budget Balance -2059.00 -4472.00 CAD Million Jan 2024
Government Debt 1173.01 1139.98 CAD Billion Dec 2023
Government Revenues 41239.00 36258.00 CAD Million Jan 2024

Canada Government Budget Value
The government budget balance is the difference between government revenues and expenses, excluding public debt charges. The budget is balanced when outlays equal to receipts, the country reports budget surplus when revenues are higher than expenses and deficit when expenses exceed the revenues.
Actual Previous Highest Lowest Dates Unit Frequency
-2059.00 -4472.00 9533.00 -44405.00 1985 - 2024 CAD Million Monthly
Current Prices, NSA

News Stream
Canada Government Budget Gap Widens in December
Canada’s government budget deficit widened to CAD 4.47 billion in December 2023 from CAD 1.98 billion in the same month of the previous year, marking the sixth consecutive gap. In the first nine months of the 2023/24 fiscal year (April-December), the country recorded a gap of CAD 23.61 billion, a significant increase from the CAD 5.54 billion deficit reported a year earlier. Program expenses surged by 6.6% across all major spending categories, while public debt charges spiked by 35.6% due to higher interest rates. On the other hand, government revenues increased by 2.6%, driven by growth in personal income tax revenue and other taxes and duties.
2024-02-23
Canada Posts 5th Straight Budget Gap
Canada’s government budget deficit increased to CAD 4.01 billion in November of 2023 from CAD 3.38 billion in the same month of the previous year, marking the fifth consecutive gap. In the first eight months of the 2023/24 fiscal year (April-November), the country posted a shortfall of CAD 19.14 billion, markedly higher than CAD 3.55 billion reported a year ago. Program expenses surged 6.3% due to increases across all major categories of spending, while public debt charges went up by 37.7% largely because of higher interest rates. Meanwhile, government revenues rose at a slower 2.6%, largely reflecting higher personal income tax revenue, revenue from other taxes and duties, and other non-tax revenues.
2024-01-26
Canada Records 4th Straight Budget Deficit
Canada’s government budget deficit widened sharply to CAD 6.96 billion in October of 2023 from CAD 1.076 billion from the same month of the previous year, marking the fourth consecutive gap. Expenses jumped by 12.1% from the previous year to CAD 41.7 billion, lifted by total direct program expenses (6.9% to CAD 17.153 billion), major transfers to persons (5.9% to CAD 10.11 billion), and transfers to other levels of government (7.1% to CAD 7.236 billion). To magnify the deficit, government revenues fell by 1.6% to CAD 34.747 billion amid a decline in total income tax revenues (-1.7% to CAD 23.409 billion) and other revenue streams (-21.3% to CAD 2.17 billion).
2023-12-22