May 31, 2026
The budgetary deficit was $30B in March, roughly $5B higher than last year - taking the fiscal year total to $55B (before final adjustments)…
… on a 1.6% rise in expenses (~$8B), tied mainly to higher transfers to persons (old age, EI, etc.) and to provinces (health, child care, etc.).
That outpaced revenue growth of 1.1% (~$5B), roughly $4B of which is attributable to tariff revenues that won’t repeat next year - potentially creating a tough Y/Y comp.
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