Federal deficit hits $248.2 billion for first nine months of 2020-21 fiscal year
|CTVnews 26 Feb 2021 at 11:52|
OTTAWA -- The federal government ran a deficit of $248.2 billion through the first nine months of its 2020-21 fiscal year as spending soared due to the pandemic.
The result for the April-to-December period compared with a deficit of $11 billion in the same period a year earlier.
The government says in its fiscal monitor that the unprecedented shift in the government s financial results reflects the severe deterioration in the economy and the government s response plan to the COVID-19 pandemic.
Revenue was $207.7 billion for the April-to-December period, down from $246 billion, as tax and other revenue fell.
Meanwhile, program spending, excluding net actuarial losses, rose to $428.9 billion from $230.5 billion in the same period a year earlier, due in large part to the many programs established to help people and businesses during the pandemic.
Public debt charges fell to $15.4 billion compared with $18.4 billion a year earlier, while net actuarial losses increased to $11.5 billion from $8.1 billion.