Debt servicing costs are also up.
Despite rising government revenues, Canada’s budget deficit is still going up.
That’s because government spending is rising at an even faster pace.
While revenue has risen $16.7 billion (9.3%) compared to last year, federal spending is up $17.9 billion (11%).
This has pushed the budget deficit for the period of April-August to $9.8 billion compared to $4.3 billion at the same time last year.
Debt costs have also risen this year by $4.4 billion (23.1%).
Spencer Fernando
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