Thursday, September 18, 2025

Latest

Canadian General Government Posts $73.7 Billion Deficit In 2023

The Canadian general government (CGG), which includes federal, provincial, territorial and local governments, recorded a deficit of $73.7 billion in 2023, marking a significant shift from the $3.3 billion surplus in 2022. This reversal was primarily driven by a substantial increase in expenses, which outpaced revenue growth.

The Canadian federal government’s deficit expanded to $52.3 billion in 2023, up $43.1 billion from the previous year. Meanwhile, consolidated provincial, territorial, and local governments (PTLGs) posted a $21.5 billion deficit, contrasting with their $12.5 billion surplus in 2022.

Net operating balance as a percentage of nominal gross domestic product. Source: Stat Can

As a percentage of GDP, the CGG deficit stood at 2.5% in 2023, compared to a 0.1% surplus in 2022. The federal government’s deficit-to-GDP ratio increased to 1.8% from 0.3%, while PTLGs recorded a deficit of 0.7% of GDP.

The surge in federal government expenses, up 14.7% to $66.9 billion, was partly attributed to one-time exceptional transfers. These included settlements for First Nations Child and Family Services ($23.3 billion) and the Robinson Huron Treaty ($5.0 billion).

Interest expenses for the Canadian general government rose sharply for the second consecutive year, increasing by $17.2 billion (+22.5%) to reach $93.8 billion in 2023. This rise was due to higher debt refinancing costs and increased gross debt levels.

Despite these challenges, Canada’s fiscal burden remained relatively stable at 34.9% of GDP in 2023. The CGG, Canada Pension Plan, and Quebec Pension Plan collectively gathered $1,023.0 billion in taxes and social contributions.


Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $10K Gold No Longer Sounds Crazy | Dan Wilton – First Mining Gold

The Pure Silver Set Up! | Joaquin Marias – Argenta Silver Corp

Why $30,000 Gold Isn’t Crazy! | Simon Marcotte – Northern Superior

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Canada’s Liberals Finish Just 60 Votes Away From Majority After Recounts

Canada’s ruling Liberal Party fell three seats short of a parliamentary majority after election recounts...

Wednesday, May 28, 2025, 01:37:00 PM

Canada’s Credit Rating Downgraded to AA+ Amid Increasing Coronavirus Costs

As a result of the mounting federal government spending on coronavirus mitigation efforts, Canada has...

Thursday, June 25, 2020, 01:03:00 PM

Canada’s Economy Expands by Record 40.5% in Q3, But Momentum is Already Beginning to Fade Amid Second COVID-19 Wave

The third quarter saw Canada’s economy expand by the most on record, with GDP growing...

Tuesday, December 1, 2020, 02:23:00 PM

Canadian Used Car Prices up 12.8% as Chip Shortage Weighs on Auto Industry

The average price Canadians paid for a used car has significantly increased this year, as...

Saturday, August 14, 2021, 05:15:00 PM

Federal Government’s CERB Payments Have Led Increased Consumer Spending

It appears that the Canadian federal government’s stimulus spending has persevered the economy through the...

Friday, June 26, 2020, 05:03:00 PM