Latest audited annual result: 2024–25

$36.3BBudgetary deficit
$1,266.5BFederal debt at March 31, 2025
41.2%Federal debt-to-GDP

The Annual Financial Report for 2024–25 is based on the audited consolidated financial statements. It is the strongest current reference for a completed federal fiscal year.

Recorded 2025–26 activity: March Fiscal Monitor

The March 2026 Fiscal Monitor reported a $55.3-billion year-to-date budgetary deficit for April 2025 through March 2026. It also reported that accumulated federal debt increased by $55.5 billion over that period, including remeasurement effects.

The monitor is timely, but it is not the final audited Public Accounts for 2025–26. Year-end accounting and audit work can change the annual result.

Government projection for 2025–26

The Spring Economic Update 2026 projected a $66.9-billion deficit for 2025–26. This is a full-year fiscal projection, not the same kind of number as the administrative results in a monthly monitor.

How this page will be maintained

The audited figure remains the main reference until the next Annual Financial Report and Public Accounts are released. Projections and Fiscal Monitor results are dated and labelled separately.

Primary sources

Use the official publications below for the latest figures and accounting details.