Ottawa posts $43.2-billion budget deficit for April-to-March period
Canada's federal budget had a deficit of $43.2 billion for the April-to-March period of the 2024-25 fiscal year, $7.7 billion less than the deficit for the same period the previous year, according to an initial report by the Department of Finance.
Before net actuarial losses, the budgetary deficit was $39.1 billion, compared to $43.4 billion the prior year.
For just the month of March 2025, the federal government posted a budgetary deficit of $23.9 billion, compared to $33.6 billion in March 2024. The deficit before net actuarial losses and gains was $23.5 billion, compared to $33.0 billion in the same period of 2023-24.
Revenues increased by $5.9 billion or 15.2 per cent in March, mostly due to higher corporate income tax revenue. Revenues totalled $45 billion for the month, up 15.2 per cent from the previous year.
The report said tax revenues were up by $5.6 billion or 19.1 per cent compared to March 2024, largely due to higher corporate income tax revenue.
It said the results in March 2025 reflect a substantial increase in customs import duties from countermeasures in response to U.S. tariffs.
Program expenses excluding net actuarial losses were down 4.7 per cent to $64.2 billion compared to March of last year.
Election promises add up to a lot of red ink — but reality could be even worse
Canada needs a full federal budget now to show where taxpayers' money is going
Major transfers to persons, which consist of elderly benefits, EI benefits, COVID-19 income support for workers and children's benefits were up $1.5 billion or 14.0 per cent, the report said.
• Email: dpaglinawan@postmedia.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
44 minutes ago
- Yahoo
Migrant daily arrivals top 1,000 for first time this year
More than 1,100 migrants arrived in the UK after crossing the English Channel on Saturday, the highest number recorded on a single day so far this year. The latest Home Office figures show that 1,194 migrants arrived in 18 boats, bringing the provisional annual total so far to 14,811. This is 42% higher than the same point last year (10,448) and 95% up from the same point in 2023 (7,610), according to the PA news agency analysis of the data. READ MORE: Neighbours throw bricks in desperation at dog as it attacks 7-year-old girl READ MORE: New Covid subvariant NB.1.8.1 hits three popular holiday spots and these are the symptoms It is still lower than the highest daily total of 1,305 arrivals since data began in 2018, which was recorded on September 3, 2022. Defence Secretary John Healey said the scenes of migrants being picked up by smugglers "like a taxi" to be brought to the UK were "shocking". He said it is a "really big problem" that French police are unable to intervene to intercept boats in shallow waters. French police officers were seen watching as migrants, including children, boarded at a beach in Gravelines, between Calais and Dunkirk, and authorities were then pictured escorting the boats. French authorities said they rescued 184 people. Mr Healey said the UK is pressing for the French to put new rules into operation so they can intervene. "They're not doing it, but, but for the first time for years ... we've got the level of co-operation needed. "We've got the agreement that they will change the way they work, and our concentration now is to push them to get that into operation so they can intercept these smugglers and stop these people in the boats, not just on the shore."
CNBC
2 hours ago
- CNBC
Social Security checks may be smaller starting in June for some, as student loan garnishments begin
Some Social Security beneficiaries may find their June check is smaller: Starting this month, a share of people's benefits can be garnished if they've defaulted on their student loans. The Trump administration announced on April 21 that the U.S. Department of Education would resume collection activity on the country's $1.6 trillion student loan portfolio. For nearly half a decade, the government did not go after those who'd fallen behind as part of Covid-era policies. More than 450,000 federal student loan borrowers age 62 and older are in default on their federal student loans and likely to be receiving Social Security benefits, the Consumer Financial Protection Bureau found. More from Personal Finance:What the House GOP budget bill means for your money'Maycember' is over — here's how to recover financiallyCourt order challenges Trump's plan to move student loans to SBA Depending on details like their birth date and when they began receiving benefits, their monthly Social Security check may arrive June 3, 11, 18 or 25, according to the Social Security Administration. Many Social Security recipients rely on those checks for most, if not all, of their income. So people who are facing a smaller federal benefit as a result of garnishment are likely in a panic, said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York. But, Nierman said, "the good news is there are multiple options for borrowers to stop those payment offsets." Here's what you need to know if you're at risk of a smaller benefit. Federal student borrowers should have received at least a 30-day warning before their Social Security benefit is offset, said higher education expert Mark Kantrowitz. That notice should include information on whom to contact in order to challenge the collection activity, Kantrowitz said. (The alert was likely sent to your last known address, so borrowers should make sure their loan servicer has their correct contact information.) You may be able to prevent or stop the offset if you can prove a financial hardship or have a pending student loan discharge, Kantrowitz added. With that in mind, your next step may be pursuing a discharge with your student loan servicer. That's more likely in circumstances where you have significant health challenges. "If they are sick or disabled, they can file for a Total & Permanent Disability discharge," Nierman added. Borrowers may qualify for a TPD discharge if they suffer from a mental or physical disability that is severe and permanent and prevents them from working. Proof of the disability can come from a doctor, the Social Security Administration or the Department of Veterans Affairs. Another route to stop the offset of Social Security benefits is getting current on the loans, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit. You can contact the government's Default Resolution Group and pursue several different avenues to get out of default, including enrolling in an income-driven repayment plan. "If Social Security is their only income, their payment under those plans would likely be zero," Mayotte said. Social Security recipients can typically see up to 15% of their monthly benefit reduced to pay back their defaulted student debt, but beneficiaries need to be left with at least $750 a month, experts said. The offset cap is the same "regardless of the type of benefit," including retirement and disability payments, said Kantrowitz. The 15% offset is calculated from your total benefit amount before any deductions, such as your Medicare premium, Kantrowitz said. Many retirees worry about meeting their bills on a fixed income — with or without facing garnishment, experts said. Utilizing other relief options may help stretch your funds while you work on stopping the offset to your Social Security benefits. For example, there are a number of charitable organizations that assist seniors with their health-care costs. At you can apply for funds to put toward copays, premiums, deductibles and over-the-counter medications. The National Patient Advocate Foundation has a financial resource directory in which you can search for local aid for everything from dental care to end-of-life services. Many older people aren't taking advantage of all the food assistance available to them, experts say. A 2015 study, for instance, found that less than half of eligible seniors participated in the Supplemental Nutrition Assistance Program, or SNAP. The extra money can go a long way for retirees on a fixed income, though. The maximum benefit a month for a household of one is $292. Grocery stores, online retailers and farmers markets accept the funds.
Los Angeles Times
3 hours ago
- Los Angeles Times
Trump's claims about remedial math at Harvard don't add up
As the White House moves to revoke Harvard University's certification to enroll foreign students — escalating a battle between the administration and the oldest and wealthiest college in the U.S. — President Trump is falsely claiming that Harvard offers 'remedial mathematics' on topics such as simple addition. He most recently took aim at the school's math offerings during a swearing-in ceremony in the Oval Office on Wednesday for Interim U.S. Atty. for Washington, D.C. Jeanine Pirro, a Fox News host who was formerly a county prosecutor and elected judge, in response to a question from a reporter about how the 'confrontation' with Harvard will end. Here's a closer look at the facts. CLAIM: 'Harvard announced two weeks ago that they're going to teach remedial mathematics, remedial, meaning they're going to teach low grade mathematics like two plus two is four. How did these people get into Harvard? If they can't, if they can't do basic mathematics, how did they do it?' THE FACTS: Harvard does not offer a remedial math class covering basic arithmetic. Asked whether Trump was referring to a specific class, a White House spokesperson provided information about Mathematics MA5, which was introduced in the fall of 2024 as a new format for an existing course that offers extra support in calculus. The original course — Mathematics MA — is still offered. 'Harvard College does not offer any so-called remedial math classes,' said James Chisholm, a spokesperson for the university's Faculty of Arts and Sciences, which encompasses its undergraduate program. He added: 'Math MA5 is a college-level calculus class. It is simply a new format of Math MA, the introductory freshman calculus course that has been taught at Harvard for decades.' Students in Mathematics MA and MA5 have the exact same homework, exams and grading structure, according to Chisholm. The only difference is that the former meets three days a week and the latter five days a week. They are both prerequisites for higher-level math courses. One question on a sample exam Chisholm provided asks students to write a formula for determining the total number of cases during a hypothetical epidemic after a certain amount of days. The Harvard Crimson reported in September that Director of Introductory Math Brendan Kelly said Mathematics MA5 is 'aimed at rectifying a lack of foundational algebra skills among students' created by the COVID-19 pandemic. A course description notes that its 'extra support will target foundational skills in algebra, geometry, and quantitative reasoning.' The median math score for the most recently enrolled undergraduate class at Harvard College was 790 out of 800 on the SATs and 35 out of 36 on the ACTs. The average high school GPA was 4.2. 'There is no university in America that is as difficult to earn admission to as Harvard — no matter your demographics,' said Brian Taylor, managing partner at the college counseling service Ivy Coach. 'President Trump's math in this case simply doesn't add up.' Goldin writes for the Associated Press.
