The budgetary deficit was $5B in September, expanding Y/Y on higher program expenses (EI-led) and climbing to $16B on a YTD basis.

It was the first full month since Carney’s rollback of some U.S. tariffs, resulting in a much smaller counterbalance than previous months…

… that should continue to shrink, as the new liberal budget sets the stage for much larger deficits in the back half of the fiscal year.