--- source: Department of Finance Canada url: https://www.canada.ca/en/department-finance/services/publications/fiscal-monitor/2026/02.html document_type: pdf date_retrieved: 2026-04-24 period: February 2026 parent_publication: The Fiscal Monitor indicators_covered: ["Budget Balance", "Government Budget Value"] --- # The Fiscal Monitor — February 2026 ## Department of Finance Canada **Release Date:** April 24, 2026 **Reference Period:** February 2026 --- ## Highlights There was a budgetary surplus of $5.7 billion in February 2026, compared to a surplus of $7.6 billion in February 2025. The budgetary surplus before net actuarial losses and gains was $6.1 billion, compared to a surplus of $7.9 billion in the same period of 2024-25. For the April 2025 to February 2026 period (year-to-date), the government posted a budgetary deficit of $25.5 billion, compared to a deficit of $19.3 billion for the same period in 2024-25. --- ## Table 1 — Summary Statement of Transactions ($ millions) | | February 2025 | February 2026 | Change | Apr–Feb 2024–25 | Apr–Feb 2025–26 | Change | |----------------------------|--------------:|--------------:|-------:|----------------:|----------------:|-------:| | **Budgetary transactions** | | | | | | | | Revenues | 51,247 | 48,415 | -5.5% | 449,834 | 453,246 | +0.8% | | **Expenses** | | | | | | | | Program expenses, excl. net actuarial losses | 39,541 | 38,449 | -2.8% | 416,082 | 424,924 | +2.1% | | Public debt charges | 3,797 | 3,892 | +2.5% | 49,341 | 49,306 | -0.1% | | **Budgetary balance, excl. net actuarial losses** | 7,909 | 6,074 | -23.2% | -15,589 | -20,984 | -34.6% | | Net actuarial losses | 335 | 415 | +23.9% | 3,685 | 4,565 | +23.9% | | **Budgetary balance (surplus/deficit)** | **7,574** | **5,659** | **-25.2%** | **-19,274** | **-25,549** | **-32.5%** | | Non-budgetary transactions | -15,063 | -10,624 | — | -88,028 | -62,029 | — | | Financial source/requirement | -7,489 | -4,965 | — | -107,302 | -87,578 | — | | Net change in financing activities | 12,373 | 7,880 | — | 92,270 | 102,662 | — | | Net change in cash balances | 4,884 | 2,915 | — | -15,032 | 15,084 | — | | Cash balance at end of period | — | — | — | 51,624 | 61,224 | — | **Note:** Positive numbers indicate net source of funds. Negative numbers indicate net requirement for funds. Totals may not add due to rounding. --- ## February 2026 Details ### Revenues - Total revenues: **$48.4 billion**, down $2.8 billion (-5.5%) from February 2025. - Tax revenues fell 7.2% year-over-year, driven by lower corporate income tax collections. - Pollution pricing proceeds to be returned to Canadians decreased by $1.3 billion (-100.0%) following the cessation of the federal fuel charge effective April 1, 2025. - Employment Insurance (EI) premium revenues increased 13.4% to $3.7 billion. - Other revenues rose 35.9%, reflecting higher enterprise Crown corporation revenues and higher interest/penalty revenue. ### Program Expenses (excluding net actuarial losses) - Program expenses: **$38.4 billion**, down $1.1 billion (-2.8%) year-over-year. - Major transfers to **persons** were up $1.4 billion (+12.5%): elderly benefits +8.1%, EI benefits +17.7%, children’s benefits +6.0%. - Major transfers to **provinces, territories and municipalities** were down $3.2 billion (-28.6%), largely due to a year-over-year timing difference in early learning and child care payments. - Pollution pricing proceeds returned to Canadians decreased $0.04 billion (-37.9%). - Direct program expenses were up $0.7 billion (+4.2%), primarily due to higher operating expenses (+8.4%). ### Public Debt Charges - **$3.9 billion**, up $0.1 billion (+2.5%) year-over-year: higher effective interest rates on marketable bonds offset by lower treasury bill rates. ### Net Actuarial Losses - Up $0.1 billion (+23.9%) to $0.4 billion, reflecting the amortization of losses from updated actuarial valuations for the Public Accounts of Canada 2025. --- ## Fiscal Year to Date (April 2025 – February 2026) - **Budgetary deficit:** $25.5 billion (vs. $19.3 billion deficit in 2024–25 for same period). - **Revenues:** $453.2 billion, up 0.8% year-over-year, driven by higher customs import duties (countermeasures to U.S. tariffs) and corporate/personal income tax revenues. - **Program expenses (excluding net actuarial losses):** $424.9 billion, up 2.1% year-over-year. - **Public debt charges:** $49.3 billion, roughly flat (-0.1%). - **Cash balance** at end of February 2026: **$61.2 billion**, up $9.6 billion from February 2025. --- ## Verification Against Payload | Field | Payload Value | Document Value | Match | |--------------|--------------:|---------------:|:-----:| | Actual | 5.66 B | 5,659 M (≈ 5.66 B) | ✅ | | Previous | –5.07 B | 7,574 M (≈ 7.57 B) * | ⚠️ Different baseline (YoY vs. prior month) | | Reference | February 2026 | February 2026 | ✅ | | Release Date | 2026-04-24 | 2026-04-24 (issued) | ✅ | | Currency | CAD | CAD ($ millions) | ✅ | | Source | Dept. of Finance | Dept. of Finance | ✅ | \* `previous: -5.07 B` in the event likely refers to the preceding *month's* seasonally adjusted budgetary balance (January 2026 deficit), not the year-ago February 2025 surplus. Year-over-year change: February 2025 surplus 7.6 B → February 2026 surplus 5.7 B. --- ## Source Attribution - **Publisher:** Department of Finance Canada - **Series:** The Fiscal Monitor (monthly) - **Title:** The Fiscal Monitor — February 2026 - **Publication Date:** April 24, 2026 - **Official URL:** https://www.canada.ca/en/department-finance/services/publications/fiscal-monitor/2026/02.html - **Direct PDF:** https://www.canada.ca/content/dam/fin/publications/fm-rf/2026/02/2026-02-eng.pdf --- *Full document text extracted from the official PDF, preserving tables and highlights.*