Feds post $3.3B deficit from April to June

The federal government posted a $3.3-billion deficit in the first three months of its fiscal year.

The result for the April-to-June period compared with a $2.9-billion deficit in the same stretch last year.

Revenues rose $3.5 billion, or 2.9%, largely due to increases in customs import duties related to Canada’s counter-tariffs on American goods, along with higher corporate and personal income tax revenues.

The Finance Department said program expenses excluding net actuarial losses rose $5 billion, or 4.6%.

Public debt charges decreased $100 million, or 0.6%, as the impact of lower interest rates on treasury bills was largely offset by higher average effective rates on an increased stock of marketable bonds.

Net actuarial losses fell $900 million, or 46.8%.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.