The Canadian government spent $25. 7 billion more than it took in up to January for this year.
The Finance Department reported in its monthly budget update that the deficit from April to January was smaller than the $6. 4 billion deficit from the previous year.
The fiscal monitor gives a last look at how the government’s money is doing before the Finance Minister presents the budget on April 16.
Freeland said the government will stick to the spending limits it promised in the fall, and will keep the deficit at around $40 billion for this year.
The most recent numbers show that the government made $10. 5 billion more, which is a three percent increase. This was mainly because more people paid personal income tax and other taxes, and the government also received more money from sources other than taxes.
At the same time, the amount of money spent on programs, not including losses from financial calculations, went up by $21. 2 billion, or 6. 7%This was because spending increased in all the main areas.
The amount of money the government owes went up by $10. 3 billion, or 35.9 percent. This happened mostly because the interest rates went up.
Net losses decreased by $1. 9 billion, or 23. 2 percent, from the previous year.
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Federal government of Canada reports $25.7 billion deficit from April to January
