Canada Valeur des budgets du gouvernement

Canada’s government posted a budget deficit of CAD 5.0 billion in September 2025, compared with a deficit of CAD 3.2 billion in September 2024. This shift largely reflected a CAD 0.9 billion (2.5%) increase in revenues, driven by higher corporate and personal income tax and customs import duties, while pollution pricing fell by CAD 0.9 billion following the cessation of the federal fuel charge. Program expenses, excluding net actuarial losses and gains, rose by CAD 1.6 billion (4.6%), reflecting higher direct program expenses, major transfers to persons, and transfers to provinces, territories, and municipalities. Public debt charges fell CAD 0.4 billion or 8.3% as lower rates on treasury bills and reduced interest on pension obligations outweighed higher average rates on a larger stock of marketable bonds. For the April to September 2025–26 window the federal deficit reached CAD 16.1 billion, up from CAD 13.0 billion in the same period a year earlier.