Centre Block and the Peace Tower are seen past a metal fence along the lawn of Parliament Hill in Ottawa on Sept. 5, 2024. The Canadian Press/Justin Tang
The Parliamentary Budget Officer (PBO) estimates that the deficit for the next federal budget will increase “sharply” to $68.5 billion.
In its economic outlook published Sept. 25, the PBO projects the government’s budget, set to be introduced on Nov. 4, will show the deficit is up from $51.7 billion in the 2024-25 fiscal year to $68.5 billion in 2025-26. This means the deficit-to-GDP ratio would increase from 1.7 percent of GDP to 2.2 percent.
