The Canadian government announced a budget deficit of 25.7 billion dollars up to the end of January for the current fiscal year.

The Ministry of Finance said that this deficit between April and January is compared to a deficit of 6.4 billion dollars during the same period last year.

The Minister of Finance promised that the government will adhere to the financial constraints it committed to in the fall, including keeping the deficit at around 40 billion dollars for the current fiscal year.

Latest data indicates that government revenues increased by 10.5 billion dollars, or 3%, largely due to higher personal income tax revenues, other tax revenues, and non-tax revenues.

At the same time, program expenses excluding net actuarial losses rose by 21.2 billion dollars, or 6.7 percent, with increased spending in all major categories.

Public debt costs rose by 10.3 billion dollars or 35.9 percent, largely due to higher interest rates.

Net actuarial losses decreased by 1.9 billion dollars, or 23.2 percent, compared to the same period last year.

Net actuarial losses decreased by 1.9 billion dollars, or 23.2 percent, compared to the same period last year.