Preliminary figures show Ottawa posted $50.9-billion deficit for 2023-24

Preliminary figures show the federal government posted a budget deficit of $50.9-billion for the fiscal year that ended March 31, but the government cautions that revisions are expected before the final number is booked.

Finance Minister Chrystia Freeland vowed in last year’s fall update that the deficit for the 2023-24 fiscal year would not exceed $40.1-billion. Ms. Freeland’s April budget projected the deficit would be $40-billion.

On Friday, the Finance Department released its monthly fiscal monitor tracking report, which said the government posted a $33.6-billion deficit in March, the last month of the fiscal year, which brought the fiscal year-to-date total to $50.9-billion.

Friday’s report cautions that significant adjustments can be expected before the official deficit figure is finalized and reported in the fall. The report says that the final figures will take into account tax information and valuation adjustments for assets and liabilities.