General government surplus driven by higher revenue from social security funds
In the third quarter, the Canadian general government posted a surplus of $4.1 billion, compared with a deficit of $6.2 billion in the same quarter of 2024. Excluding social security funds, the general government recorded a deficit of $9.4 billion in the third quarter of 2025, down from the $14.3 billion deficit recorded in the third quarter of 2024.
Social security funds posted a surplus of $13.5 billion in the third quarter of 2025, a surge of $5.4 billion from the same period in 2024, largely driven by higher interest and dividend income. The federal government recorded a deficit of $7.0 billion, slightly lower than the $7.9 billion deficit reported in the third quarter of 2024. The deficit of the provincial and territorial governments decreased by $1.5 billion to $3.6 billion in the third quarter of 2025, partly because of the first compensation payments received from the tobacco companies through a court settlement. Local governments posted a surplus of $1.2 billion, compared with a deficit of $1.4 billion a year earlier.
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