$1.2B deficit from April to July

The federal government posted a budgetary deficit of $1.2 billion during the first four months of its fiscal year, compared with a surplus of $6.3 billion during the same period a year earlier. The Finance Department released its monthly fiscal update Friday, offering insight into the finances for the 2023-24 fiscal year. The report shows government revenue was up $2.8 billion, or two per cent, which the department says largely reflects higher interest revenue and other non-tax revenue.