Canada’s Ministry of Finance has reported a CAD 14.50 billion (USD 10.09 billion) budget deficit in the first seven months of 2024-25 on 20 December 2024.
The Finance Ministry said this deficit is slightly lower than last year due to increasing revenues and slowing expenses.
The deficit in the fiscal year 2023-24 was CAD 15.13 billion. In October 2024, Canada announced a CAD 1.49 billion deficit, down from CAD 6.96 billion in October 2023.
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